dynamic capabilities

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A strategic management framework that emphasizes a firm's ability to adapt quickly to fast-changing environments as the main source of competitive advantage in the modern business world. Some key capabilities of this kind include: proactive environmental scanning; a focus on market demand, consumer feedback, and continuous improvement; successful business technology management; and a readiness to reconfigure the company's structures, resources, and competencies in innovative ways. The dynamic capabilities approach is usually seen as a development of the resource-based view.

Subjects: Business and Management.

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