Resources, capabilities, and core competencies. All assets which the company can use when formulating and implementing strategies are resources. Resources can be tangible or intangible. Tangible resources, such as labor, capital, and land, have physical characteristics and are visible. Intangible resources, such as brand equity, reputation, and intellectual property (e.g. patents, copyrights, and trade secrets), have no physical characteristics and are invisible. Competitive advantage tends to be developed from intangible rather than tangible resources. Tangible resources can be bought on the open market easily by anyone who has the necessary cash. However, it is very difficult to buy intangible resources if not impossible and it takes longer to build them.