Adapting for sustainable successnavigating change in strategic management

Abstract

In the ever-evolving landscape of strategic management, firms continuously seek innovative approaches to ensure not only their competitiveness but also their capacity to thrive amidst emerging challenges and opportunities. This doctoral thesis unifies three distinct yet interconnected dimensions within the realm of strategic management, all converging on the central theme of adaptability in the face of environmental changes. Firstly, it explores the pivotal role of customer-centric value creation as a means of adapting to evolving market dynamics, emphasizing the strategic importance of involving customers in co-creating value. It elucidates the process through which firms transform their resources into customer benefits, showcasing how resources and dynamic capabilities are leveraged to facilitate value co-creation. Secondly, it examines how firms navigate the pressing environmental challenge of climate change by adapting their competitive strategies. This dimension reveals that decarbonization efforts can enhance the performance of firms employing cost-leadership strategies, provided they possess the necessary cost-reduction expertise, aligning sustainability imperatives with competitive advantage. Lastly, the thesis investigates the strategic management of stakeholders within varying institutional contexts, illustrating how adaptability in stakeholder strategies can positively influence financial outcomes, contingent on the institutional milieu. By synthesizing these dimensions, this research underscores the overarching importance of adaptive strategies in the contemporary strategic landscape. It provides a comprehensive perspective on how organizations can harness adaptability as a core competency, not only to compete effectively but also to thrive in a world marked by shifting market dynamics, sustainability imperatives, and diverse stakeholder expectations. Ultimately, this integrated approach offers valuable insights for scholars and practitioners alike, empowering organizations to navigate the complex and interconnected challenges of the 21st-century business environment while achieving sustainable and resilient success.