This paper aims to bridge the pluralism which exists in strategy formulation by approaching the subject from the unrelated discipline of postmodernism. At the very heart of the pluralism which has divided both the theoretical and practical approach to strategy is an either/or mentality. What is proposed with the arguments discussed in this research is an and approach to understanding strategy. As will be discussed, this approach does not prescribe or discredit what has gone before, nor is it a restriction of the diversity advocated. On the contrary, it recognises current and previous theories and applications to strategy forming the necessary parts of what collectively depicts the pastiche nature of strategy formulation. Every one of the different approaches to strategy has or had a role to play in the creation of the field of strategy. But this paper demonstrate the dominance of the functionalist approach to strategic formulation. Such a belief is underpinne by assumptions based on an objective reality which exists external to the organisation.

A short, up-to-date, practical and readable guide to strategy formulation, this book is designed for practicing executives who are getting ready to assume broader responsibilities. By focusing on strategic thinking and using real-life examples and historical references, this book is a must-read for the serious executive strategist. The first chapter defines strategy and its effect on a corporation's effectiveness; and then in subsequent chapters covers the external strategic environment, the analysis of a firm's physical assets, the development of a competitive strategy, different industry environments, corporate strategy and competition, different strategy choices, global strategy, and implementing and controlling a chosen strategic direction. For CEOs, senior executives, general managers, vice-presidents, divisional managers, and consultants

This paper explores the notion of corporate coherence by relating it to models of experiential learning. It is suggested that corporate coherence is a determinant of strategic direction and competitive advantages of firms. Moreover, the composition of learning activities implies the range and extent of corporate coherence, due to various problems associated with myopia of learning (Levinthal and March 1993). The paper specifies a model for analyzing corporate coherence in a learning framework. The paper suggests that corporate coherence, while being a necessary component in understanding strategic management, is a multi-faceted concept. It implies multi-level learning, where learning substitution (due to simplification and specialization) takes place both within each learning activity, as well as between activities.

This paper examines how managers create and develop strategy in practice. It reports findings of an in-depth investigation of managerial activities and associated learning dynamics in strategy creation, the generation and development of radically new strategies. Managerial and learning activities on different organizational levels, their influence on strategy development, and relationship to strategic change are examined. A dual longitudinal case methodology, including a single in-depth case study combined with a multiple retrospective case study is used, involving four multinational companies. The findings show a twofold character of strategy creation including an adaptive and a creative strategy motor of strategic change involving fundamentally different learning dynamics, reflecting their diverse location and social embeddedness. Adaptive learning dynamics were based on exploitation and refinement of prevailing industry and resource structures and involved a deductive reasoning or sensemaking as regards strategy, including knowledge assimilation activities such as formal intelligence and routine experiences. Creative learning dynamics evolved in the periphery of the organizations and were more remote from existing values and beliefs. They predominantly involved exploration and inductive sensemaking, including activities like informal noticing and creative experiments. The exploration/exploitation trade off interaction between the two strategy motors resulted in tension, which finally triggered strategic change.

This paper looks at ways in which a framework for strategy evaluation can be constructed which is consistent with the adaptive and interpretive schools of strategic management. It suggests that some of the key instruments in the rational planning toolkit can be reinterpreted as methods for managing power and uncertainty in a multi-stakeholder environment.

We argue that strategizing fundamentally concerns disequilibrium phenomena, such as discovery, innovation, resource-combination, imagination - in short, entrepreneurship. Therefore, the understanding of strategizing is likely to be led astray by drawing too heavily on equilibrium theories. Arguably, the three dominant economic approaches to strategy - the Porter industry analysis approach, the new industrial organization, and the ressourcebased approach - are characterized precisely by their strong reliance on equilibrium methodology. We argue that the market process approach in its Austrian version offers much inspiration for bringing process issues to bear on strategy issues.

Does the need for sustainable development hinder businesses ability to create value? Is firms competitiveness negatively affected by considering that need? After quickly reviewing the main literature contributions on the relationship between business and society, and drawing from resource-based view of the firm and sustainable development literature, this paper presents a proposal for a dynamic and sustainable view of the firm. It shows how considering the changes introduced into the competitive landscape by sustainable development influences the way in which companies develop their resources, capabilities and activities, fostering the persistence of competitive advantages based on knowledge and innovation.