The theory pendulum in strategy research has swung to the supply-side since the advent of seminal theories such as the resource-based view of the firm and dynamic capabilities. But, how do demand dynamics affect a firm’s strategy and performance? Firms bundle and transform productive assets into products and services released into the market where they vie for customers’ attention and purchases. Indeed, customers are the final arbiters of value. How does demand heterogeneity affect a firm’s performance? Can demand-based strategies form the basis of competitive advantage? How do demand dynamics interact with a firm’s resources to create and capture value?