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 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and how they offer an alternative approach to much conventional strategic thinking grounded in simplistic and outdated understandings of industrial organizations and the foundations of competitive advantage.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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Dynamic Capabilities and Strategic Management: Organizing for Innovation and ... David J. Teece No preview available - 2011 |
Common terms and phrases
ability achieve activities adaptation analysis appear approach assets associated become behavior build business enterprise business model capital chapter choices competences competitive advantage competitors complementary continuous coordination cospecialized cost create critical decisions depends difficult direct discussed dynamic capabilities dynamic capabilities framework economic effective efficient elements emergence entrepreneurial environment established evolutionary existing explain factors firm function global governance growth ideas identify important increase individual industry innovation inside integration internal investment involves issues knowledge lead learning least literature managerial ment nature necessary noted operations opportunities orchestration organization organizational particular Penrose performance position problem processes profit protection recognized reconfigure refer relevant requires respect result role routines seizing selection sense shape skills specific strategic management structures success superior sustain Teece theory tion transaction transfer understanding