Abstract

Purpose Many businesses have seen their markets and competitive set transformed over the past decade. This revolutionary context has created many high velocity markets, where rapid change is a constant and defining the strategic direction of a firm becomes a more complex activity. This paper argues that organizations can win in high velocity markets by adapting their resource base, renewing capabilities and competencies and achieving dynamic capability. Design/methodology/approach An extensive review of business and management literature has been combined with primary research into a number of large media companies. Findings Winning in high velocity markets requires organizations to adapt their resource base, in a compressed timescale, due to the fast changing nature of market conditions. This paper provides CEOs with a strategic recipe to develop dynamic capability in their organizations. Practical Implications Organizations react differently in the same high velocity market conditions. Some will look for opportunities that will provide them with a platform for a step change in their capabilities and competitiveness. Others will batten down the hatches and wait for the storm to pass, and in doing so, will lose their competitive edge. Originality/value The knowledge on dynamic capability is fragmented and often untested in practice. This research consolidates various perspectives and illustrates it in a case study from the media industry.