In recent decades, a number of trends have shaped the environment in which businesses operate. With regard to the supply side, markets have opened to competition from around the globe (M. P. Miles & Covin 2002, pp.21–22). On the demand side, customers have become increasingly sophisticated and informed (Danneels 2002, p.1095). Moreover, a reduction in technology lifecycles (Morris et al. 2008, pp.4–5, 188–189) paired with transformative technological changes and discontinuities have led to an increasingly
dynamic business environment
(Sood & Tellis 2010). Together, these developments have increased the need for organizations to
themselves to remain economically successful (Teece et al. 1997, p.509; Helfat & Peteraf 2003, p.1007; Garvin & Levesque 2006, p.102).