A Brief History of Business Strategy
This chapter describes the evolution of business strategy. It begins with the 1960s perspective in which strategy was largely equated with corporate planning; the 1970s see an emphasis on diversification and portfolio planning. The 1980s and 1990s are characterized by a focus on core competencies and the development of less analytic, more people‐oriented approaches to management. The still dominant rational approach to strategy is explained and its criticisms discussed. However, it is argued that these criticisms are based on a wish‐driven view of strategy and is not as relevant to a strategy rooted in the distinctive capabilities of the individual firm.
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