Authors: David Atkinson
Addresses: Manchester Metropolitan University Business School, All Saints, Oxford Road, Manchester, Ml5 6BH, UK
Abstract: Theories concerning the source of superior firm performance are evolving. Marketing orientation theory and its counterpart, the resource-based view, are becoming outdated by the dynamic capabilities perspective as the importance of industrial change becomes evermore significant. Dynamic capabilities are the processes managers use to modify their organisations in order to 'keep in touch' with changes occurring in their industrial setting. This paper introduces the dynamic capabilities perspective by first tracing the debate on the source of superior firm performance. The contribution is made by informing strategic marketing academics and practitioners about the potential implications the era of dynamic capabilities has on marketing strategy formulation and implementation, otherwise known in practice as the SOSTAC process. This paper advocates strategic marketing practice should be an incessant, habitual, entrepreneurial opportunity sensing managerial skill which is incremental in nature allowing firms to adapt to or even drive industrial change through tactical flexibility, trial and reflective learning with the relentless monitoring of actions taken.
Keywords: dynamic capabilities; strategic planning; strategic marketing; SOSTAC; situation analysis; objectives strategy tactics action control; marketing strategies; strategy formulation; strategy implementation; superior firm performance; marketing orientation theory; RBV; resource-based view; industrial change; industrial settings; incessant opportunities; habitual opportunities; entrepreneurial opportunities; managerial skills; tactical flexibility; reflective learning; monitoring; business environment.
International Journal of Business Environment, 2013 Vol.5 No.3, pp.252 - 267
Received: 27 Aug 2012
Accepted: 27 Aug 2012
Published online: 22 Nov 2012 *