SUMMARY
The literature on dynamic capabilities is confusing, full of overlapping definitions, and contradictions. The theoretical and practical importance of developing and applying dynamic capabilities to sustain competitive advantage in complex external environment is central in studies about strategy nowadays. In this paper, we offer a definition of dynamic capabilities under two aspects: first, it refers to the shifting character of the environment; second, it emphasizes the key role of strategic management in appropriately adapting, integrating, and re-configuring internal and external organizational skills, resources, and functional competences towards a changing environment. This paper aims to clarify the concept of dynamic capabilities, propose an analytical framework that connects this “new” concept to a well known and recognized generic strategic model (Miles and Snow, 1978) and to the concept of sustainable competitive advantage and evolutionary fit.