During the last four decades a wide range of researchers have explored the processes of developing and implementing successful strategies for national and international markets. Strategic management, as a scientific field, has quickly grown and today encompasses a wide plurality of research questions, units of analyses and modeling tools, as a plethora of theories (e.g. Power of Competition, RVB, Dynamic Capabilities) and factors (macro and micro-external, internal) have been interrelated to it. However, under the light of interconnectedness the high complexity of analysis we reached, instead of enlightening and puzzling out the process of developing strategy, has in contrast increased its level of complexity, vagueness and fragmentation. Furthermore, during the contemporary times of turbulence, uncertainty about possible evolutions and future trends of all these factors has been dramatically increased. Additionally to the complicated and complex business world that we have to take into account while shaping strategy, other contextual evolutions such as technological improvements, rise of social media, and big data, change gradually the value adding operations of the firm. Thus, we note that in the field of strategic management there is a need created. Instead of integrating new approaches and theories to the field, resulting to further increase the level of complexity and uncertainty of strategic decision making, we should start to revisit the foundations of strategy formulation process. By revisiting one-by-one the different stages of strategy formulation, we will understand whether and how much each process of strategy development has been reshaped due to current evolutions. The reviewing of the underpinnings of strategy formulation and the adoption of a rather pragmatic rather than theoretic approach will decrease vagueness, providing more clear answers on the real contemporary practices used from managers and entrepreneurs so as to develop successful strategies in foreign markets. Taking into account the above described framework, in this chapter we are going to revisit strategy in use.
|Title of host publication||Analytics, Innovation, and Excellence-Driven Enterprise Sustainability|
|Editors||Elias G. Carayannis, Stavros Sindakis|
|Number of pages||27|
|Publication status||Published - 18 May 2017|