We address current criticisms of the RBV (oversight of dynamism, environmental contingencies, and managers' role) by linking value creation in dynamic environmental contexts to the management of firm resources. Components of the resource management model include structuring the resource portfolio; bundling resources to build capabilities; and leveraging capabilities to provide value to customers, gain a competitive advantage, and create wealth for owners. Propositions linking resource management and value creation are offered to shape future research.

https://www.jstor.org/stable/pdf/20159292.pdf

Managing Firm Resources in Dynamic Environments to Create Value: Looking Inside the Black Box

The emergent literature on dynamic capabilities and their role in value creation is riddled with inconsistencies, overlapping definitions, and outright contradictions. Yet, the theoretical and practical importance of developing and applying dynamic capabilities to sustain a firm's competitive advantage in complex and volatile external environments has catapulted this issue to the forefront of the research agendas of many scholars. In this paper, we offer a definition of dynamic capabilities, separating them from substantive capabilities as well as from their antecedents and consequences. We also present a set of propositions that outline (1) how substantive capabilities and dynamic capabilities are related to one another, (2) how this relationship is moderated by organizational knowledge and skills, (3) how organizational age affects the speed of utilization of dynamic capabilities and the learning mode used in organizational change, and (4) how organizational knowledge and market dynamism affect the likely value of dynamic capabilities. Our discussion and model help to delineate key differences in the dynamic capabilities that new ventures and established companies have, revealing a key source of strategic heterogeneity between these firms.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1467-6486.2006.00616.x

Entrepreneurship and Dynamic Capabilities: A Review, Model and Research Agenda

This paper identifies a practice turn in current strategy research, treating strategy as something people do. However, it argues that this turn is incomplete in that researchers currently concentrate either on strategy activity at the intra-organizational level or on the aggregate effects of this activity at the extra-organizational level. The paper proposes a framework for strategy research that integrates these two levels based on the three concepts of strategy praxis, strategy practices and strategy practitioners. The paper develops implications of this framework for research, particularly with regard to the impact of strategy practices on strategy praxis, the creation and transfer of strategy practices and the making of strategy practitioners. The paper concludes by outlining the distinctive emphases of the practice perspective within the strategy discipline.

https://journals.sagepub.com/doi/pdf/10.1177/0170840606064101

Completing the Practice Turn in Strategy Research

The global phenomenon that has sold 3.5 million copies, is published in a record-breaking 43 languages and is a bestseller across five continentsnow updated and expanded with new content. This global bestseller, embraced by organizations and industries worldwide, challenges everything you thought you knew about the requirements for strategic success. Now updated with fresh content from the authors, "Blue Ocean Strategy" argues that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Based on a study of 150 strategic moves (spanning more than 100 years across 30 industries), the authors argue that lasting success comes not from battling competitors but from creating blue oceans untapped new market spaces ripe for growth. "Blue Ocean Strategy" presents a systematic approach to making the competition irrelevant and outlines principles and tools any organization can use to create and capture their own blue oceans. This expanded edition includes: A new preface by the authors: Help! My Ocean Is Turning Red Updates on all cases and examples in the book, bringing their stories up to the present time Two new chapters and an expanded third oneAlignment, Renewal, and Red Ocean Trapsthat address the most pressing questions readers have asked over the past 10 years A landmark work that upends traditional thinking about strategy, this bestselling book charts a bold new path to winning the future. Consider this your guide to creating uncontested market spaceand making the competition irrelevant. To learn more about the power of blue ocean strategy, visit blueoceanstrategy.com. There you ll find all the resources you needfrom ideas in practice and cases from government and private industry, to teaching materials, mobile apps, real-time updates, and tips and tools to help you make your blue ocean journey a success."

Blue ocean strategy : how to create uncontested market space and make the competition irrelevant

Does market orientation impede breakthrough innovation? To date, researchers have presented opposing arguments with respect to this important issue. To address this controversy, the authors conceptualize and empirically test a model that links different types of strategic orientations and market forces, through organizational learning, to breakthrough innovations and firm performance. The results show that a market orientation facilitates innovations that use advanced technology and offer greater benefits to mainstream customers (i.e., technology-based innovations) but inhibits innovations that target emerging market segments (i.e., market-based innovations). A technology orientation is beneficial to technology-based innovations but has no impact on market-based innovations, and an entrepreneurial orientation facilitates both types of breakthroughs. Different market forces (demand uncertainty, technology turbulence, and competitive intensity) exert significant influence on technology- and market-...

The Effects of Strategic Orientations on Technology- and Market-Based Breakthrough Innovations:

Everybody knows that digital technology has revolutionized our economy and our lifestyles. But how many of us really understand the drivers behind the technology – the significance of going digital; the miniaturization of electronic devices; the role of venture capital in financing the revolution; the importance of research and development? How many of us understand what it takes to make money from innovative technologies? Should we worry about manufacturing going offshore? What is the role of India and China in the digital economy? Drawing on a lifetime’s experience in the industry, as an engineer, a senior manager, and as a partner in a global venture capital firm, Henry Kressel offers an expert personalized answer to all these questions. He explains how the technology works, why it matters, how it is financed, and what the key lessons are for public policy.

Kressel

Papers

Competing for the Future