Today’s turbulent business environment which is characterized by rapid technological changes and increased globalization, has swept away industry and market conditions that previously defined competitive conditions. Such an environment requires flexible strategic solutions that respond quickly to these rapid changes. This work will therefore look at the need for dynamic strategy in today’s business basing on the systematic review of relevant literature. It will also focus on the need for dynamic capabilities and competencies that are necessary for coping with the ever changing business environment for GlobalChem.