The development of strategic literature on how firms gain and maintain competitive advantage has come a long way (Cavusgil et al., 2007). One of the most extensively used frameworks in this research stream is dynamic capabilities (Wang and Ahmed, 2007; Barreto, 2010). Conner (1991) suggests that the strong connection between dynamic capabilities and strategy is at least reasonable, since both are somewhat rooted in economics. However, the dynamic capabilities framework is not relevant exclusively to the strategic management field (Barreto, 2010). Furthermore, this recently developed concept is pertinent to marketing research, as the ability to create and deliver superior customer value through efficient and fast-responding marketing processes tends to be one of the most critical factors that contribute to a company’s financial performance and sustainable competitive advantage (Day, 1994). This paper attempts to trace the evolution of marketing thought on the sources of firm-specific advantages given the conditions of market uncertainty and dynamism. The focus of this review is on the dynamic capabilities perspective advanced a little less than two decades ago by Day (1994), Teece et al. (1997), Shuen (1997), Eisenhardt and Martin (2000), and others.
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