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Sustainable Competitive Advantage in Turbulent Business Environments Using Critical Organizational Capabilities and Resources to Manage Complexity
Abstract
In today's turbulent economic conditions, some organizations are able to sustain their competitive positioning while others, with similar capital and technological resources, seem to struggle to survive. In addition, more and more firms seem to adopt strategies that focus primarily on their internal strengths, capabilities, and competencies, while others seem to depend more on external forces to shape their strategies, such as competition, economies of scale, and technological demands. In this chapter, the author argues that in unstable business environments the integration of internal and external perspectives of strategy formulation is necessary for a firm to sustain advantages for long. The proposed model presents four stages of corporate strategy development: Scouting, Maintenance, Dominance, and Appraisal. The chapter utilizes the concepts of Critical Success Factors (CSFs) and Critical Resources (CRs), describes its applicability by using two cases of companies that adopted similar long-run strategies, and finally offers implications for strategic management and planning practitioners.
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