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Complexity theory has been used in the fields of strategic management and organizational studies. Application areas include understanding how organizations or firms adapt to their environments and how they cope with conditions of uncertainty.
Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [24] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
Strategy and uncertainty intertwine between strategic planning and unknown events in a realistic framework where companies and organizations are bounded to develop and compete in a world dominated by complexity, ambiguity, and uncertainty in which unpredictable, unstoppable and, sometimes, meaningless circumstances may have a direct impact on the expected outcomes.
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
Top management may not have clearly articulated the organization's strategy. Management does not fully shape the organization's structure and processes to fit a chosen strategy. A tendency for management to maintain an organization's current strategy-structure relationship despite overwhelming changes in environmental conditions.
This may include prototyping, R&D projects, consumer tests, internal venturing, strategic initiatives or external venturing. Probing practices aim at legitimizing and starting a new course of action and ultimately at gaining a competitive advantage. Corporate foresight can be expected to be a determinant of the quality of strategic conversation.
The first approach is achieving a high asset utilization. In service industries, this may mean for example a restaurant that turns tables around very quickly, or an airline that turns around flights very fast. In manufacturing, it will involve production of high volumes of output.
Concept-Driven Strategy is a methodology for formulating business strategies that prioritizes the creation, refinement, and execution of innovative concepts. The goal is to establish distinctive value propositions and competitive advantages.