- Notes on Contributors
- The History of Strategy and Some Thoughts about the Future
- The Boundary of the Firm
- Evolutionary Theory
- Institutional Approaches to Business Strategy
- The Strategic Management of Technology and Intellectual Property
- Strategy and Valuation
- The Knowledge-Based View of the Firm
- Analysing the Environment
- Strategic Groups: Theory and Practice
- Scenario Thinking and Strategic Modelling
- Analyzing Internal and Competitor Competences: Resources, Capabilities, and Management Processes
- Dynamic Capabilities
- Formulating Strategy
- Organizational Learning
- Strategy in Service Organizations
- Why Diversify? Four Decades of Management Thinking
- The Rationale for Multi-SBU Companies
- The Role of the Parent Company
- Mergers and Acquisitions: Motives, Value Creation, and Implementation
- Cooperative Strategy: Strategic Alliances and Networks
- International Strategy
- Strategies for Multinational Enterprises
- Globalization and the Multinational Enterprise
- Managing Strategic Change
- Organizational Structure
- Strategy Innovation
- Game Theory In Strategy
- Strategy, Heuristics, and Real Options
- Strategic Flexibility Creating Dynamic Competitive Advantages
- Subject Index
- Name Index
Abstract and Keywords
This article aims to describe the evolution of thinking about business strategy over the forty or so years in which it has been identified as a distinct subject of study, and makes some suggestions about its possible future development. It begins from the 1960s perspective in which strategy was largely equated with corporate planning, describes the 1970s emphasis on diversification and portfolio planning, and observes concern in the 1980s for concentration on the core business and the development of less analytic, more people-orientated approaches to management. It concludes with thoughts for the future. The article outlines the conventional, now unfashionable, but nevertheless still dominant rationalist approach to strategic thinking — scan the environment, assess your strengths and weaknesses, formulate the strategy, and then go on to secure its implementation. But the principal criticisms made of that approach is also noted.
John Kay is a fellow of St John's College, Oxford. As research director and director of the Institute for Fiscal Studies, he established it as one of Britain's most respected think tanks. Since then he has been a professor at the London Business School and the University of Oxford. He was the first director of Oxford University's Saïd Business School. In 1986 he founded London Economics, a consulting business, of which he was executive chairman until 1996. During this period it grew into Britain's largest independent economic consultancy with a turnover of £10 m and offices in London, Boston, and Melbourne. He has been a director of Halifax plc and remains a director of several investment companies. He is the first Professor of Management to become a Fellow of the British Academy. In 1999 he resigned his position at Oxford and sold his interest in London Economics. A frequent writer, lecturer, and broadcaster, he contributes a fortnightly column to the Financial Times. His most recent books are Foundations of Corporate Success (1993) and The Business of Economics (1996).
Peter McKiernan is the Professor of Management and Head of the School of Management at the University of St Andrews and Visiting Professor in Strategic Management at the University of Strathclyde. His specialist research interests are coraporate turnaround, scenario thinking, and SMEs. He edited the double volume on the Historical Evolution of Strategic Management (1996) and his other books include: Sharpbenders: The Secrets of Unleashing Corporate Potential (1998), Inside Fortress Europe (1984), and Strategies of Growth (1992). He is a past winner of prizes from the British Academy of Management, IBM, the UK Pharmaceutical Industry, and Fife Enterprise for his research in strategic management. He acts as a strategy coach to several governments and major MNCs. He is currently the Vice-Chairman of the British Academy of Management and a Vice-President of the European Academy of Management.
David Faulkner is a Tutorial Fellow and Member of the Governing Body of Christ Church, Oxford, and Oxford University Lecturer in Strategic Management at the Said Business School where he is a former Director of the MBA programme. His specialist research area is International Cooperative Strategy and Acquisitions on which subject he has written, edited or co-authored a number of books.
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