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In this paper the authors aim to introduce the perspective of shared meanings as a prerequisite for the formation of market‐focused strategic flexibility.

The authors apply the ideas of co‐creation of meaning, which derive from research into the narrative process of strategy and the practice turn of strategy. The authors' view is illustrated with a case example from a Finnish property rental company. Using action research methodology, data were collected through interviews and workshops from the company, from its clients and from its subcontractors.

The case presented here shows that the lack of common understanding may lead to poor service quality even though the provider aims at meeting clients' needs. On the other hand, the results confirm that developing a shared understanding is possible in business practice. A common lexicon and the conscious use of human narrative capability facilitate the achievement of this goal.

Since the empirical results are based on one case, the possibility for generalisations is limited. However, the study highlights important aspects of strategic flexibility that are worthy of further research.

The study shows that flexible market orientation needs shared meanings between all the relevant actors in a service chain. The study also suggests some ideas on how the co‐creation of meaning can be promoted in practice.

Linking the perspectives of co‐creation of meaning and market‐focused strategic flexibility is a new approach. The paper illustrates these topics in a subcontracting chain, whereas earlier studies have usually focused on companies.

The purpose of this paper is to outline the articles presented in the Special Issue on the topic of “Marketing and flexibility”, and to discuss key issues associated with major debates relating to flexibility in order to position the articles within a wider context and highlight some key issues for further research.

Themes in prior research relating to “Marketing and flexibility” are documented and the growth of research interest into strategic flexibility is tabulated. The contributions of each article are briefly discussed.

There has been a steady growth of research interest into flexibility. To provide an example of this growth, the increase in the number of articles published on the topic of strategic flexibility in scholarly journals is highlighted over a 20‐year period. Key issues in prior research such as alternative definitions and the different postulated relationships between market orientation and strategic flexibility are revealed, as are issues for future research.

Key issues relating to research into flexibility for marketing scholars are revealed.