Whether and how a firm's competitive advantage is
eroded depends on the stability of market demand, and the ease of replicability (expanding
internally) and imitatability (replication by competitors). If correct, the framework suggests
that private wealth creation in regimes of rapid technological change depends in large measure
on honing internal technological, organizational, and managerial processes inside the firm. In
short, identlhing new opportunities and organizing effectively and efficiently to embrace them
are generally more fundamental to private wealth creation than is strategizing, if by strategizing
one means engaging in business conduct that keeps competitors off balance, raises rival's
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