<![CDATA[This study aims to analyze how leading telecommunications companies in Indonesia, PT Telkom Indonesia Tbk, PT Indosat Ooredoo Hutchison Tbk (IOH), PT XLSMART Telecom Sejahtera Tbk, and PT Dayamitra Telekomunikasi Tbk (Mitratel) transform internal resources and capabilities into market-based assets as a basis for sustainable competitive advantage in the period 2022–2025. Using a qualitative document analysis on official annual reports, the framework combines Resource-Based Theory and VRIO Framework with Resource-Advantage Theory of Competition, market-based assets, brand equity, customer equity, marketing capabilities, and service-dominant logic. Findings show that competitive differentiation is increasingly determined by market-based relational and intellectual assets, rather than solely physical asset ownership. IOH built its advantage through "AI-Native TechCo" brand positioning and a volume-to-value strategy, increasing ARPU by 19% and improving customer equity. XLSMART achieved a post-merger jump in customer equity but faces brand integration challenges. Telkom maintained its brand equity and large converged service cross-selling opportunities, while Mitratel relied on its neutral provider reputation and ESG credentials to strengthen long-term B2B relationships. Socially complex brand and customer equity provide a stronger foundation for sustainable competitive advantage. The theoretical contribution is positioning marketing capabilities as the connecting mechanism that transforms RBT resources into market value.]]>
