Strategy Praxis: Insight-Driven, First Principles-Based Strategic Thinking, Analysis, and Decision-Making (Management for Professionals)

✍ Scribed by George Tovstiga

• Publisher: Springer
• Year: 2023
• Tongue: English
• Leaves: 241
• Category: Library

✦ Synopsis

This book introduces a different approach to thinking about and engaging with strategy in the practice field. The insight-driven, first principles-based approach to strategising and strategic problem-solving developed in this book provides a conceptually rigorous yet pragmatic approach to strategising, and as such the book addresses deficiencies of the current theory-practice gap in the strategy field. In particular, the author introduces and develops a conceptually rigorous approach to the crucial transition stage from strategic analysis to strategic option formation in the strategy process. The book introduces several new concepts such as the firm's unique competing space and its strategic boundaries, the strategic thinking algorithm, and shows how these, when integrated with existing approaches and first-principles thinking, significantly enhance the coherence and effectiveness of strategic problem-solving in practice. Additionally, the book includes supplementary enhancing features throughout the chapters in the form of Praxis Reflections, Praxis Perspectives, and Praxis Cases that tie the concepts and methods presented to real-world strategy practice. This book will appeal not only to strategy practitioners, but also academic researchers and graduate-level students of strategic management.

✦ Table of Contents

Preface
Acknowledgements
Contents
Chapter 1: Strategy: Foundations and Perspectives
What Is Strategy?
Strategy: A Working Definition
Strategy or Tactics?
So, What Do We Mean by Strategic´? The Notion ofValue´ in Strategy
What Is Value´? Unravelling the Notion of Value Value Realised: Vrealised Value Created: Vcreated Value Delivered: Vdelivered Value Captured: Vcaptured Value Differentiation and Competitive Advantage Value (De-)Bundling and Value Premium Value Orientation and Footprint Reflections on Strategy: Particularities and Perspectives Strategy and the Future Strategy and (Ir)rationality Strategy and Intangibles Strategy, Serendipity, and Chance Strategy and Theory Chapter Summary References Chapter 2: What Is First Principles Thinking? Introduction First Principles Thinking Insight and Insight-Driven Thinking Insight Insight-Driven First Principles-Based, Insight-Driven Problem-Solving Classical Structured Problem-Solving Problem Definition and Formulation Issues and Issues Framing Questions Insights Response Strategic Problem-Solving Strategic Problem Formulation Challenge Domain Sense-Making Domain Reconstruction Domain Response Domain Chapter Summary References Chapter 3: High-Level Strategic Analysis Introduction to High-Level Strategic Analysis Five Strategy Building Blocks (5-SBBs) Framework Elements of the 5-SBBs Application of the 5-SBBs Framework Limitations of the 5-SBBs Framework Unique Competing Space (UCS) Framework UCS Framework: Elements Relating to the External Competitive Context UCS Framework: Firm-Internal Context Unique Competing Space Domain Strategic Boundaries of the Firm Operational Versus Strategic Boundaries Unique Competing Space and Strategic Boundaries Characteristics and Features of Firm Strategic Boundaries Application of the UCS Framework Limitations of the UCS Value Proposition (VP) Framework Components of the Value Proposition Framework Value Proposition: TheWhat?´ Component
Value Proposition: The When?´ Component Value Proposition:Reasons to Believe´- The Why, Where, and How?
Application of the Value Proposition Framework
Limitations of the Value Proposition (VP) Framework
Chapter Summary
References
Chapter 4: Micro-level Strategic Analysis
Introduction to Micro-level Strategic Analysis
Formalised Frameworks of Micro-level Strategic Analysis
Micro-level Strategic Analysis: External Competitive Environment
Macroeconomic Analysis: PESTLE Framework
Industry and Market-Level Context
Competing Factors (CFs)-Critical Success Factors (CSFs) Analysis
Application of the Competing Factors (CFs)-Critical Success Factors (CSFs) Analysis
Industry-Market Life Cycle Analysis
Industry Value Chain Analysis
Integration of Externally-Focused Micro-level Analyses
Micro-level Analysis: Firm-Internal Organisational Factors
Analysis of Firm Resources
Resources Auditing and Mapping
Capabilities
Assessment of the Strategic Relevance of Resources and Capabilities
Processes
Organisational Culture, Values, and Norms
Integration of Internally Focused Micro-level Analyses
Chapter Summary
References
Chapter 5: Tandem Mode of Strategic Problem-Solving
Introduction to the Tandem Mode of Strategic Problem-Solving
Strategic Thinking Algorithm
Strategic Problem-Solving Process: Tandem Mode
Chapter Summary
Chapter 6: Strategic Options: Formation, Evaluation, and Selection
Introduction to Strategic Option Formation
From Strategic Analysis to Strategy Formulation
Strategy Formulation: First Principles-Based, Insight-Driven Approach
Scenario Analysis: Scoping the Probability and Impact of the Future
Current and Future Realities: Insight and Foresight
First Principles-Based, Insight-Driven Strategy Formation
Strategic Options: A Three-Boundaries Perspective
Scoping and Positioning of a Strategic Option
Dimensioning of a Strategic Option
Crafting of a Strategic Option
Strategic Options: 3rd Boundary Considerations and Gap Closure
Strategic Option Evaluation
Strategic Option Evaluation and Selection: 5-SBBs Approach
`First Pass´ Evaluation of Strategic Options
Strategic Option Selection
Strategic Option Verification and Validation
Chapter Summary
References
Chapter 7: Strategy Praxis: Perspectives and Reflections
Strategy Praxis: Strategic Dissonance and Resilience
Strategy Perspective: Competitive Advantage, Failure, and Sustainability
Why Do Once Great Companies Flounder?
Competitive Advantage and Sustainability
Strategy Praxis: A Knowledge and Learning Perspective
Organisational Knowledge and Learning Trajectory
Learning and (Intelligent) Failure
Strategy Praxis: A Narrative Perspective
Strategy Praxis: Rationality and Irrationality in Strategy
Strategy Praxis: Reflections on the Relevance of Academic Research for the Strategy Practice Field
Strategy Praxis: Concluding Reflections
Good Strategy
Strategy Execution
References