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Of the numerous theories of strategic management, the dynamic capabilities framework is perhaps the most encompassing. Dynamic capabilities are the factors that, if strong, allow an organization to create and deliver value to customers, outcompete rivals, and reap financial rewards over extended periods. The dynamic capabilities framework provides a system-level view of how resources and capabilities are assembled and orchestrated over successive rounds of competition, addressing management's role in determining future requirements and honing the organization's processes and structure to meet them. This Element presents the dynamic capabilities framework and compares it to other paradigms of strategic management and innovation. It demonstrates that these narrower approaches to strategic management and innovation can usefully be thought of as subsets of the dynamic capabilities framework. This will help students and practitioners understand disparate business concepts as part of a unified whole. This title is also available as Open Access on Cambridge Core.