Competitive advantage and strategy formulation: The key role of dynamic capabilities

ISSN： 0025-1747

Source： Management Decision, Vol.43, Iss.5, 2005-06, pp. : 661-669

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Abstract

Purpose ‐ The aim of this paper is to promote the use of dynamic capabilities as a strategic tool of the highest order in terms of firm management. Design/methodology/approach ‐ The content of the article is developed from a table that offers some insights into the relationship between the three theoretical perspectives analyzed in the paper: resource-based view, knowledge-based view and dynamic-capabilities view. Findings ‐ The paper describes the evolution that can be discerned in the process of developing competitive advantage, from a resource-based view to a dynamic-capabilities framework. Originality/value ‐ The objective of the article was not to bring to light any new revelations in this field of investigation, but is intended as a theoretical reflection on the implications of dynamic capabilities for firms and managers.