IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v165y2021ics004016252031386x.html
   My bibliography  Save this article

Strategy tools in dynamic environments – An expert-panel study

Author

Listed:
  • Rengarajan, Srinath
  • Moser, Roger
  • Narayanamurthy, Gopalakrishnan

Abstract

Strategy tools and frameworks are crucial for managers to navigate their business environment and formulate strategies. Extant research has focused on the characteristics, dimensions, applications, and impact of traditional tools. However, there are questions regarding the suitability of these tools to the increasingly dynamic environments faced by strategy practitioners characterized by blurring industry boundaries, uncertainty, and ambiguity. Using an expert-panel approach, we address this research gap by investigating how strategy experts from practice and academia assess established strategy tools in dynamic environment. We identify the characteristics of strategy tools that experts value in such contexts and which can inform future development of context-specific strategy tools. Additionally, we also investigate why experts select and apply specific tools and how they combine these tools. Our findings further allow us to explore the difference in perspectives of strategy scholars and practitioners, which is necessary to reconcile the gap between strategy theory and practice. Finally, we discuss implications of the study for strategy and management research, education, and practice.

Suggested Citation

  • Rengarajan, Srinath & Moser, Roger & Narayanamurthy, Gopalakrishnan, 2021. "Strategy tools in dynamic environments – An expert-panel study," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    • Handle: RePEc:eee:tefoso:v:165:y:2021:i:c:s004016252031386x
    DOI: 10.1016/j.techfore.2020.120560
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S004016252031386X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2020.120560?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Tersine, Richard J. & Riggs, Walter E., 1976. "The delphi technique: A long-range planning tool," Business Horizons, Elsevier, vol. 19(2), pages 51-56, April.
    2. Robert P. Wright & Sotirios E. Paroutis & Daniela P. Blettner, 2013. "How Useful Are the Strategic Tools We Teach in Business Schools?," Journal of Management Studies, Wiley Blackwell, vol. 50(1), pages 92-125, January.
    3. Jiang, Ruth & Kleer, Robin & Piller, Frank T., 2017. "Predicting the future of additive manufacturing: A Delphi study on economic and societal implications of 3D printing for 2030," Technological Forecasting and Social Change, Elsevier, vol. 117(C), pages 84-97.
    4. Karynne L. Turner & Mona V. Makhija, 2012. "The role of individuals in the information processing perspective," Strategic Management Journal, Wiley Blackwell, vol. 33(6), pages 661-680, June.
    5. Geum, Youngjung & Kim, Moon-Soo & Lee, Sungjoo, 2016. "How industrial convergence happens: A taxonomical approach based on empirical evidences," Technological Forecasting and Social Change, Elsevier, vol. 107(C), pages 112-120.
    6. Robert A. Burgelman & Steven W. Floyd & Tomi Laamanen & Saku Mantere & Eero Vaara & Richard Whittington, 2018. "Strategy processes and practices : Dialogues and intersections," Post-Print hal-02312126, HAL.
    7. Schoemaker, Paul J.H. & Day, George S. & Snyder, Scott A., 2013. "Integrating organizational networks, weak signals, strategic radars and scenario planning," Technological Forecasting and Social Change, Elsevier, vol. 80(4), pages 815-824.
    8. Paula Jarzabkowski & Sarah Kaplan, 2015. "Strategy tools-in-use: A framework for understanding “technologies of rationality” in practice," Strategic Management Journal, Wiley Blackwell, vol. 36(4), pages 537-558, April.
    9. Robert A. Burgelman & Steven W. Floyd & Tomi Laamanen & Saku Mantere & Eero Vaara & Richard Whittington, 2018. "Strategy processes and practices: Dialogues and intersections," Strategic Management Journal, Wiley Blackwell, vol. 39(3), pages 531-558, March.
    10. David J. Teece & Gary Pisano & Amy Shuen, 1997. "Dynamic capabilities and strategic management," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 509-533, August.
    11. Hartman, Sandra & Lundberg, Olof & White, Michael & Barnett, Tim, 1995. "Information processing techniques in planning: An investigation of preferences of executive planners," Journal of Business Research, Elsevier, vol. 33(1), pages 13-24, May.
    12. Winkler, Jens & Kuklinski, Christian Paul Jian-Wei & Moser, Roger, 2015. "Decision making in emerging markets: The Delphi approach's contribution to coping with uncertainty and equivocality," Journal of Business Research, Elsevier, vol. 68(5), pages 1118-1126.
    13. von der Gracht, Heiko A. & Darkow, Inga-Lena, 2010. "Scenarios for the logistics services industry: A Delphi-based analysis for 2025," International Journal of Production Economics, Elsevier, vol. 127(1), pages 46-59, September.
    14. Belton, Ian & MacDonald, Alice & Wright, George & Hamlin, Iain, 2019. "Improving the practical application of the Delphi method in group-based judgment: A six-step prescription for a well-founded and defensible process," Technological Forecasting and Social Change, Elsevier, vol. 147(C), pages 72-82.
    15. Kathleen M. Eisenhardt & Jeffrey A. Martin, 2000. "Dynamic capabilities: what are they?," Strategic Management Journal, Wiley Blackwell, vol. 21(10‐11), pages 1105-1121, October.
    16. Graefe, Andreas & Armstrong, J. Scott, 2011. "Comparing face-to-face meetings, nominal groups, Delphi and prediction markets on an estimation task," International Journal of Forecasting, Elsevier, vol. 27(1), pages 183-195, January.
    17. Aengenheyster, Stefan & Cuhls, Kerstin & Gerhold, Lars & Heiskanen-Schüttler, Maria & Huck, Jana & Muszynska, Monika, 2017. "Real-Time Delphi in practice — A comparative analysis of existing software-based tools," Technological Forecasting and Social Change, Elsevier, vol. 118(C), pages 15-27.
    18. Li, Shenxue & Easterby-Smith, Mark & Hong, Jacky F.L., 2019. "Towards an understanding of the nature of dynamic capabilities in high-velocity markets of China," Journal of Business Research, Elsevier, vol. 97(C), pages 212-226.
    19. Landeta, Jon & Barrutia, Jon, 2011. "People consultation to construct the future: A Delphi application," International Journal of Forecasting, Elsevier, vol. 27(1), pages 134-151, January.
    20. Markmann, Christoph & Darkow, Inga-Lena & von der Gracht, Heiko, 2013. "A Delphi-based risk analysis — Identifying and assessing future challenges for supply chain security in a multi-stakeholder environment," Technological Forecasting and Social Change, Elsevier, vol. 80(9), pages 1815-1833.
    21. Jay R. Galbraith, 1974. "Organization Design: An Information Processing View," Interfaces, INFORMS, vol. 4(3), pages 28-36, May.
    22. William G Egelhoff, 1991. "Information-Processing Theory and the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 22(3), pages 341-368, September.
    23. J. Robert Baum & Stefan Wally, 2003. "Strategic decision speed and firm performance," Strategic Management Journal, Wiley Blackwell, vol. 24(11), pages 1107-1129, November.
    24. Birger Wernerfelt, 1984. "A resource‐based view of the firm," Strategic Management Journal, Wiley Blackwell, vol. 5(2), pages 171-180, April.
    25. Winkler, Jens & Moser, Roger, 2016. "Biases in future-oriented Delphi studies: A cognitive perspective," Technological Forecasting and Social Change, Elsevier, vol. 105(C), pages 63-76.
    26. Kim, Namil & Lee, Hyeokseong & Kim, Wonjoon & Lee, Hyunjong & Suh, Jong Hwan, 2015. "Dynamic patterns of industry convergence: Evidence from a large amount of unstructured data," Research Policy, Elsevier, vol. 44(9), pages 1734-1748.
    27. Côrte-Real, Nadine & Ruivo, Pedro & Oliveira, Tiago & Popovič, Aleš, 2019. "Unlocking the drivers of big data analytics value in firms," Journal of Business Research, Elsevier, vol. 97(C), pages 160-173.
    28. Bettis-Outland, Harriette, 2012. "Decision-making's impact on organizational learning and information overload," Journal of Business Research, Elsevier, vol. 65(6), pages 814-820.
    29. Landeta, Jon & Barrutia, Jon, 2011. "People consultation to construct the future: A Delphi application," International Journal of Forecasting, Elsevier, vol. 27(1), pages 134-151.
    30. Nielsen, Christine & Thangadurai, Mohan, 2007. "Janus and the Delphi Oracle: Entering the new world of international business research," Journal of International Management, Elsevier, vol. 13(2), pages 147-163, June.
    31. Richard L. Daft & Robert H. Lengel, 1986. "Organizational Information Requirements, Media Richness and Structural Design," Management Science, INFORMS, vol. 32(5), pages 554-571, May.
    32. Moser, Roger & Kuklinski, Christian Paul Jian-Wei & Srivastava, Mohit, 2017. "Information processing fit in the context of emerging markets: An analysis of foreign SBUs in China," Journal of Business Research, Elsevier, vol. 70(C), pages 234-247.
    33. Richard Makadok & Jay B. Barney, 2001. "Strategic Factor Market Intelligence: An Application of Information Economics to Strategy Formulation and Competitor Intelligence," Management Science, INFORMS, vol. 47(12), pages 1621-1638, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bouhalleb, Arafet & Tapinos, Efstathios, 2023. "The impact of scenario planning on entrepreneurial orientation," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    2. Manuel Carpio & Andrés J. Prieto, 2021. "Expert Panel, Preventive Maintenance of Heritage Buildings and Fuzzy Logic System: An Application in Valdivia, Chile," Sustainability, MDPI, vol. 13(12), pages 1-15, June.
    3. Rengarajan, Srinath & Narayanamurthy, Gopalakrishnan & Moser, Roger & Pereira, Vijay, 2022. "Data strategies for global value chains: Hybridization of small and big data in the aftermath of COVID-19," Journal of Business Research, Elsevier, vol. 144(C), pages 776-787.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Roger Moser & Srinath Rengarajan & Gopalakrishnan Narayanamurthy, 2021. "Decision Intelligence: Creating a Fit between Intelligence Requirements and Intelligence Processing Capacities," IIM Kozhikode Society & Management Review, , vol. 10(2), pages 160-177, July.
    2. Winkler, Jens & Kuklinski, Christian Paul Jian-Wei & Moser, Roger, 2015. "Decision making in emerging markets: The Delphi approach's contribution to coping with uncertainty and equivocality," Journal of Business Research, Elsevier, vol. 68(5), pages 1118-1126.
    3. Roßmann, Bernhard & Canzaniello, Angelo & von der Gracht, Heiko & Hartmann, Evi, 2018. "The future and social impact of Big Data Analytics in Supply Chain Management: Results from a Delphi study," Technological Forecasting and Social Change, Elsevier, vol. 130(C), pages 135-149.
    4. Merfeld, Katrin & Wilhelms, Mark-Philipp & Henkel, Sven & Kreutzer, Karin, 2019. "Carsharing with shared autonomous vehicles: Uncovering drivers, barriers and future developments – A four-stage Delphi study," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 66-81.
    5. Winkler, Jens & Moser, Roger, 2016. "Biases in future-oriented Delphi studies: A cognitive perspective," Technological Forecasting and Social Change, Elsevier, vol. 105(C), pages 63-76.
    6. Jeremy Galbreath & Chia‐Yang Chang & Daniel Tisch, 2023. "The impact of a proactive environmental strategy on environmentally sustainable practices in service firms: The moderating effect of information use value," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5420-5434, December.
    7. Rengarajan, Srinath & Narayanamurthy, Gopalakrishnan & Moser, Roger & Pereira, Vijay, 2022. "Data strategies for global value chains: Hybridization of small and big data in the aftermath of COVID-19," Journal of Business Research, Elsevier, vol. 144(C), pages 776-787.
    8. Belton, Ian & MacDonald, Alice & Wright, George & Hamlin, Iain, 2019. "Improving the practical application of the Delphi method in group-based judgment: A six-step prescription for a well-founded and defensible process," Technological Forecasting and Social Change, Elsevier, vol. 147(C), pages 72-82.
    9. Sven Kunisch & Markus Menz & David Collis, 2020. "Corporate headquarters in the twenty-first century: an organization design perspective," Journal of Organization Design, Springer;Organizational Design Community, vol. 9(1), pages 1-32, December.
    10. Anas Hakeem & Nizar Raissi & Henda Matoussi, 2024. "Rationality and dynamism on entrepreneurial orientation to the pace of internationalization: The moderating role of environmental munificence," Journal of International Entrepreneurship, Springer, vol. 22(2), pages 213-247, June.
    11. Moser, Roger & Kuklinski, Christian Paul Jian-Wei & Srivastava, Mohit, 2017. "Information processing fit in the context of emerging markets: An analysis of foreign SBUs in China," Journal of Business Research, Elsevier, vol. 70(C), pages 234-247.
    12. Kopyto, Matthias & Lechler, Sabrina & von der Gracht, Heiko A. & Hartmann, Evi, 2020. "Potentials of blockchain technology in supply chain management: Long-term judgments of an international expert panel," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    13. Beiderbeck, Daniel & Frevel, Nicolas & von der Gracht, Heiko A. & Schmidt, Sascha L. & Schweitzer, Vera M., 2021. "The impact of COVID-19 on the European football ecosystem – A Delphi-based scenario analysis," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    14. de Camargo Fiorini, Paula & Roman Pais Seles, Bruno Michel & Chiappetta Jabbour, Charbel Jose & Barberio Mariano, Enzo & de Sousa Jabbour, Ana Beatriz Lopes, 2018. "Management theory and big data literature: From a review to a research agenda," International Journal of Information Management, Elsevier, vol. 43(C), pages 112-129.
    15. Zhang-Zhang, YingYing & Rohlfer, Sylvia & Varma, Arup, 2022. "Strategic people management in contemporary highly dynamic VUCA contexts: A knowledge worker perspective," Journal of Business Research, Elsevier, vol. 144(C), pages 587-598.
    16. Petrou, Andreas P. & Hadjielias, Elias & Thanos, Ioannis C. & Dimitratos, Pavlos, 2020. "Strategic decision-making processes, international environmental munificence and the accelerated internationalization of SMEs," International Business Review, Elsevier, vol. 29(5).
    17. Justin J. P. Jansen & Michiel P. Tempelaar & Frans A. J. van den Bosch & Henk W. Volberda, 2009. "Structural Differentiation and Ambidexterity: The Mediating Role of Integration Mechanisms," Organization Science, INFORMS, vol. 20(4), pages 797-811, August.
    18. Frevel, Nicolas & Beiderbeck, Daniel & Schmidt, Sascha L., 2022. "The impact of technology on sports – A prospective study," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    19. Gebhardt, Maximilian & Spieske, Alexander & Birkel, Hendrik, 2022. "The future of the circular economy and its effect on supply chain dependencies: Empirical evidence from a Delphi study," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 157(C).
    20. Spickermann, Alexander & Zimmermann, Martin & von der Gracht, Heiko A., 2014. "Surface- and deep-level diversity in panel selection — Exploring diversity effects on response behaviour in foresight," Technological Forecasting and Social Change, Elsevier, vol. 85(C), pages 105-120.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:165:y:2021:i:c:s004016252031386x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.