Firms are increasingly confronted with a complex and dynamic competitive environment. The purpose of this paper is to shed some light on the way firms can cope with – and succeed in – such an environment.
The article examines major factors that are driving a global structural shift toward increased global competition. After identifying the difficulties behind the management of value creation, it focuses on the specific role of intangibles with a view to building a responsive firm.
It is found that intangibles are the key to sustaining value creation in a complex and dynamic environment. Following this, some consideration is given to the elements that help build responsive firms. The paper concludes by proposing actionable ways for managers to leverage intangible‐based practices.
The case for leveraging intangibles is advanced through a mix between an international business perspective and the combined role of knowledge and cluster‐like environments. Numerous real‐world examples help substantiate the analysis.
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