This paper provides perspectives on organisational effectiveness and a theoretical rationale for the strategic development of an industry organisation (association). A qualitative approach using case study and grounded theory was adopted in this study. Semi-structured interviews were held with the leadership and an expert group of stakeholders to explore perspectives on the strategic development of the industry organisation. The data were complemented by documentary analysis of strategic plans and articles on the organisation. Strategic perspectives highlighted the themes of effective organisational development (organisational capability): governance, people development, financial viability, operations, service delivery and external relations; and the dynamic capabilities framework of capability exploitation (extracting maximum economic returns from current resources) and capability exploration (development of new capabilities). While the research approach may limit generalisability, the study suggests that the dynamic capabilities perspective provides the much needed theoretical rationale that can be an aid to management endeavouring to build competitive industry organisations.