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.
Highlights
This chapter discusses the need for a dynamic strategy in turbulent business environment
The chapter starts by giving definitions to key terms like strategy and turbulent business environment
Various studies on dynamic strategy and turbulent business environment were brought together from various primary qualitative studies conducted and some in depth study on the subject matter was done resulting in conclusions being drawn
Summary
This chapter discusses the need for a dynamic strategy in turbulent business environment. The chapter starts by giving definitions to key terms like strategy and turbulent business environment. Tools that have been traditionally used to cope with environmental uncertainty have been looked at and how they can be complemented to yield better strategies and improve performance in a turbulent business environment
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