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Drawing on the dynamic capabilities framework, this study examines business leaders’ viewpoints on the expected and perceived outcomes from the recently awarded UNESCO status of the Conegliano-Valdobbiadene Hills region in Italy, and how they can capitalise on this recognition in the future. Data collected through semi-structured open-ended interviews with wine, tourism, and hospitality businesses and Prosecco Consortium representatives uncovered the significance of 12 dimensions. Among these, the harmonising mechanism dimension elucidates the increased visibility through the award while confirming the gradual capitalisation of diversification strategies. The tangible and intangible asset provider dimensions identify infrastructural and human resource needs to strengthen the region under the World Heritage regime. Relationships between the findings and dynamic capabilities were revealed, and a developed conceptual model highlights practical and conceptual implications.
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