The dynamic capabilities view posits that a firm’s success is largely driven by its ability to adapt to a changing environment to secure value creating potential and, thus achieve a competitive advantage. The dynamic capabilities perspective has attracted much scholarly attention in the last two decades, as reflected in the proliferation of conceptual and research articles in the strategic management literature. Knowledge about the relationship between dynamic capabilities and other theoretical concepts within the strategic management field remains limited. This paper therefore synthesizes the literature and uses it to develop a more clear relationship between notions of dynamic capabilities, resources, assets, competencies and static capabilities. Potential areas of future research are also outlined.