Dynamic Capabilities and Strategic Management: Organizing for Innovation and GrowthHow 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 bycompetitors. 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and how they offer an alternative approach to much conventional strategic thinking grounded in simplistic and outdated understandings of industrial organizations and the foundations of competitive advantage.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 tostrategic thinking, be they MBA students, academics, managers, or consultants. |
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Dynamic Capabilities and Strategic Management: Organizing for Innovation and ... David J. Teece No preview available - 2011 |
Common terms and phrases
ability achieve activities adaptation alignment amongst analysis and/or antitrust asset orchestration behavior bilities business enterprise business model capa capabilities approach capital chapter competences competitive advantage competitors complementary assets context coordination cospecialized assets create customer needs dynamic capabilities framework dynamic competition economies of scope economists Edith Penrose efficient enterprise performance enterprise’s entrepreneurial entrepreneurship environment evolutionary existing factors firm firm’s function global growth Hymer imitation important incentive industry innovation inside the enterprise intangible assets integration intellectual property internal investment decisions involves issues know-how knowledge learning managerial market failure market share ment microfoundations MNE’s multinational enterprise noted oligopoly open innovation opportunities organization organizational outsourcing Penrose Penrose’s perfect competition Pisano processes profit Put differently recognized reconfigure relevant replication requires role routines Rumelt Schumpeter seizing sense shape Shuen skills static strategic management structures success sustain Teece tegic tion transaction cost economics transfer understanding Williamson