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Dynamic Strategy in a Turbulent Business Environment

In: Strategic Management - a Dynamic View

Author

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  • Tsitsi Mufudza

Abstract

Today's turbulent business environment, characterised by rapid technological changes and increased globalisation, has swept away industry and market conditions that previously defined competitive conditions. Such an environment requires flexible strategic solutions that respond quickly to these rapid changes. This chapter will therefore look at the need for dynamic strategy in today's business basing on the systematic review of relevant literature. It will also focus on the need for dynamic capabilities and competencies that are necessary for coping with the ever changing business environment. The chapter highlights that capability differentials among firms are a result of choices made by management. This explains why some firms are more adaptive than others and more flexible firms have been seen to perform better under uncertain environments.

Suggested Citation

  • Tsitsi Mufudza, 2019. "Dynamic Strategy in a Turbulent Business Environment," Chapters, in: Okechukwu Lawrence Emeagwali & Hasan Yousef Yousef Aljuhamni (ed.), Strategic Management - a Dynamic View, IntechOpen.
    • Handle: RePEc:ito:pchaps:163567
    DOI: 10.5772/intechopen.81250
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    More about this item

    Keywords

    strategy; dynamic strategy; turbulent business environment; dynamic capabilities; dynamic competencies;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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