As more companies implement Knowledge Management (KM), they require a practical and coherent strategy and practice anchored in a valid and comprehensive KM life cycle model or framework. Using a knowledge-based view, this paper aims to improve how firms conceptualize, strategize and manage organizational knowledge. The paper opens with an analysis of organizational knowledge and knowledge assets. Appropriate conceptualization and partitioning of knowledge is required since the cost, benefit, and imitability of knowledge assets largely depend on their form.