Corporate strategy has become a major area of research especially in recent years. Strategy research has off-late shifted from the industrial organization paradigm of the 80s to the resources based view with the core competence arguments at the centre. Environmental turbulence has also resulted in several corporate restructuring (as part of consolidation and down sizing) strategies. These streams of research do not seem to have been integrated in a dynamic sense. This paper attempts to fill that gap. We have developed a new framework which enables analysts to understand the various generic strategies of a corporation without disturbing the dynamic nature of the environment and dynamism in the resource structure of a corporation. We argue that interaction among the basic resources which can be reflected in the competences and capabilities of an organization. The framework developed is tentative and needs to be refined further.