Strategy in Practice: A Practitioners Guide to Strategic Thinking

Thoroughly revised and updated, Strategy in Practice examines how we are thinking differently about strategy in the wake of the global economic crisis. With new and updated case illustrations throughout, as well as new topics covering strategy execution and strategy performance management, it offers new thinking and new perspectives on strategy that are relevant to management practice, embracing the entire strategy process.

"George Tovstiga achieves a rare balance with Strategy in Practice. It is a strategy guide that is clear enough, researched enough yet pragmatic enough to work in complex, international, multilingual contexts and in emerging economies. Moreover it is original and helpful focusing on creating value, not plans. Essential reading."
Professor Jon Foster–Pedley, Dean and Director of Henley Business School in South Africa ( Johannesburg)

"Strategy in Practice provides new insight into the strategy process and explores how strategic thinking contributes to the creation of a differentiated value offering. George Tovstiga examines the role of sense making from spatial and process perspectives based on both high–and supporting–levels of strategic analysis. Strategy in practice case examples provide insightful illustration of how this occurs in the practice field. This book is highly recommended for both managers and students studying strategic management in various countries and across all industries."
Professor Andrey G. Medvedev, Graduate School of Management (GSOM), St. Petersburg University, Russia

"Executives charged with the critical task of formulating a strategy for their business can be overwhelmed by the current profusion of tools and techniques that aspire to offer advice and insight into that process. Rather than mastering all of these, managers can now look to this book as a clever integration of the best of those ideas into a coherent and pragmatic approach to the development of strategy in any organization. It should become a vital tool for all strategists in the future."
Professor David J. Collis, Harvard Business School, Cambridge, USA

"Despite the large number of books written on strategy, many firms continue to fail due to the lack of insightful strategies and rigorous strategy execution. Based on his experiences on the most common pitfalls in strategy development, George Tovstiga challenges us to further enhance our strategic thinking skills. In order to help in that task, Strategy in Practice puts forward a great systematic way of thinking about strategic issues, developing strategic insight, assessing the competitive landscape, developing and evaluating strategic options, and executing strategy."
Professor Tomi Laamanen, Chair of Strategic Management, University of St.Gallen, Switzerland

Preface to the First Edition vii

Preface to the Second Edition xv

Preface to the Third Edition xix

About the Author xxiii

1 Introduction to Strategy in Practice 1

2 Strategic Thinking 31

3 Sense Making and Strategic Insight 55

4 Insight–Driven Strategic Analysis 87

5 High–Level, Big–Picture Strategic Analysis 119

6 Supporting–Level Strategic Analysis 175

7 Strategy Formation and Evaluation of Strategic Options 219

8 Strategy Execution and Performance Appraisal 255

9 Insight–Driven Strategy in Perspective 293

Appendices: Putting Strategy to Practice 317

Appendix A: Probing the Strategic Boundaries of the Firm s Unique Competing Space 319

Appendix B: Strategy Mapping and Narrative (based on Analysis of the Relevant

Strategy Building Blocks) 331

Index 341