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Despite continued interest in knowledge management (KM) initiatives that leverage an organization’s intellectual capital in the marketplace, several issues make it difficult for KM to deliver its full potential. Two barriers are identified and discussed – conceptual barriers and cultural barriers. Both are significant and best managed when there is an integrative conceptual model to guide the design and implementation of KM initiatives. An integrative model is proposed that focuses on how knowledge is assessed and valued, externally acquired and/or internally built, shared and retained, and applied to new products and services. Results from an exploratory survey using the model are reported for 222 organizations spanning ten industries, including identifying several specific KM practices in the highest performing organizations. Results clearly indicate that KM initiatives, while promising, do require significant further development to maximize their potential impact. Recommendations are offered for further research and practice.