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The Conventional Wisdom in Strategy

In: Strategic Optionality

Author

Listed:
  • Surja Datta

    (Oxford Brookes University)

  • Tobias Kutzewski

    (VU Amsterdam)

Abstract

This chapter does the following things. First, we provide an overview of conventional strategy tools. Since the genesis of the discipline from the early 1900s, strategic management produced some frameworks with enduring popularity. We focus on these concepts and explain how they work. Second, we trace the evolution of these frameworks over time with the specific purpose of identifying their theoretical underpinnings. The main purpose of doing this is to make clear what these frameworks can and cannot do. Third, we identify the strengths and weaknesses of the frameworks. Using the FRL classification developed in Chap. 2, we show how these frameworks are useful in specific domain(s). As uncertainty is the key attribute that makes the domains different from each other, we stress-test how capable these frameworks are in coping with conditions of high uncertainty.

Suggested Citation

  • Surja Datta & Tobias Kutzewski, 2023. "The Conventional Wisdom in Strategy," Springer Books, in: Strategic Optionality, chapter 3, pages 37-90, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-17354-7_3
    DOI: 10.1007/978-3-031-17354-7_3
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