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Bringing discipline to strategy
How do traditional models for developing corporate strategy hold up in the face of rapidly changing markets, conflicting information, and shifting business relationships? Often, not very well. Yet up to half of an executive's strategic decisions must be made under such conditions. A broader view of strategy can help executives cope with ambiguity and change. By matching corporate strategy to the level of uncertainty, understanding the sources of competitive advantage, and building on a series of large and small bets and strategic options, companies can tailor more effective strategies, with less risk of being locked into one position when conditions change.
The take-away: Traditionally, strategic management has meant little more than staying the course. Yet no single strategic conception can be deployed in all circumstances. Instead, executives must understand many models of strategic development and question the way strategy is developed—and by whom.
Articles provided by The McKinsey Quarterly
© 1992-2003 McKinsey & Company, Inc
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