External knowledge acquisition
Even if a firm does learn to archive and disseminate its internal knowledge, many argue that this is not enough. As proposed by many strategists, it is crucial to constantly monitor the external environment for continuing changes in dynamic markets (Hitt et al., 1999). Lane and Lubatkin (1998) suggest, "competition is increasingly knowledge-based as firms strive to learn and to develop capabilities faster than their rivals". If a firm fails to look outside its own domain, it will likely not keep up with the rapid changes in the market. "Developing successful enterprise strategies begins with having an intimate understanding of the market and the state of the industry", Spencer Ewald, Sr. VP and Group Publisher of FTMG (From: Business Wire, Tuesday, June 19, 2001).