Traditional sources of sustainable competitive advantages are very rare in today's heterogeneous and hypercompetitive global business environment. This article identifies and illustrates three dynamic capabilities- sensing local opportunities, enacting global complementarities, and appropriating local value-by which MNEs are able to operate successfully across emerging and established markets. For MNEs in these markets, strategic agility is a meta-capability that enables them to create and deploy these three capabilities in a dynamic balance over time. Doing so demands embracing the tensions between these capabilities effectively.
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