Firms that build dynamic capabilities through partnerships thrive in turbulent times
The article explores why some businesses succeed while others fail during change and uncertain times. By focusing on creating dynamic capabilities through partnerships, companies can adapt to market shifts effectively. The researchers emphasize that dynamic capabilities are crucial for superior performance, helping firms transform their resources for long-term success. Five key dynamic capabilities identified include integrative capability, agility, network competence, R&D competence, and market orientation. Establishing strong relationships and managing relational capital are also highlighted as important for business success. The study links dynamic capabilities and relationship marketing to understand how firms can outperform their competitors in fast-paced environments.