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Abstract. Firms of different business strategy types reveal
different behavioural patterns in their innovation and
business performance while facing various difficulties
as they seek to adapt to a turbulent competitive environment. Accordingly, we want to make progress by using
the dynamic view, which follows the Schumpeterian
perspective of firm behaviour through innovation (business) strategy. We advocate a dynamic approach to the
strategic and behavioural patterns influencing business
performance that is appropriate for small and mediumsized firms as well as giant corporations in highly competitive industries and catching-up economies. Thus, by
combining different theoretical approaches we develop
an alternative conceptual 'cost-advantage leader-follower' (CALF) model of innovation for when firms are
developing cost-cutting process inventions.