How do firms compete? How do firms earn above normal returns?
What's needed to sustain superior performance long term? An
increasingly powerful answer to these fundamental questions of
business strategy lies in the concept of dynamic capabilities.
These are the skills, processes, routines, organizational
structures, and disciplines that enable firms to build, employ, and
orchestrate intangible assets relevant to satisfying customer
needs, and which cannot be readily replicated by competitors.
Enterprises with strong dynamic capabilities are intensely
entrepreneurial. They not only adapt to business ecosystems; they
also shape them through innovation, collaboration, learning, and
involvement.
David Teece was the pioneer of the dynamic capabilities
perspective. It is grounded in 25 years of his research, teaching,
and consultancy. His ideas have been influential in business
strategy, management, and economics, and are relevant to
innovation, technology management, and competition policy.
Through his consultancy and advisory work he has also brought these
ideas to bear in business and policy making around the world.
This book is the clearest and most succinct statement of the core
ideas of dynamic capabilities. Teece explains their genesis,
application, and how they offer an alternative approach to much
conventional strategic thinking grounded in simplistic and outdated
understandings of industrial organizations and the foundations of
competitive advantage. Accessibly written and presented, it will be
an invaluable and stimulating tool for all those who want to
understand this important contribution to strategic thinking, be
they MBA students, academics, managers, or consultants.
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