The interviews point to the literature on dynamic capabilities in the sense that the experience of internationalising an SME requires and will involve the adaptation and adjustment of the limited resources of the SME to the constantly changing and evolving external environment (Teece, Pisano, and Shuen, 1997 Helfat et al., 2007). This framework not only extends the ken of managers, but also facilitates an assessment of the strategic opportunities and threats that various competitors represent and allows managers to assess their significance in relative terms. That is used, in combination with resource equivalence, to generate hypotheses on competitive analysis. Specifically we draw from Peteraf and Bergen's (2001) framework for competitor identification to develop a hierarchy of competitor awareness. We present a two-stage framework for competitor identification and analysis that brings into consideration a broad range of competitors, including potential competitors, substitutors, and indirect competitors. This paper brings together insights from the fields of strategic management and marketing to develop a simple but powerful set of tools for helping managers overcome this common problem. Managers who focus only on the product market arena in scanning their competitive environment may fail to notice threats that are developing due to the resources and latent capabilities of indirect or potential competitors. Identifying such threats is particularly problematic, since they may arise from substitutability on the supply side as well as on the demand side. Managerial myopia in identifying competitive threats is a well-recognized phenomenon (Levitt, 1960 Zajac and Bazerman, 1991).
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