Strategic management: Historical aspects and contemporary perspectives

David L. Rainey

doi:10.1017/CBO9780511805943.004

2 - Strategic management: Historical aspects and contemporary perspectives

from Part I - Context: Laying the foundation and the underpinnings of ESM

Published online by Cambridge University Press: 05 June 2012

David L. Rainey

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David L. Rainey: Affiliation:
Rensselaer Polytechnic Institute, New York

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Summary

Introduction

Strategic management is a high-level management construct that is well defined and understood by most executives, strategic leaders, strategists, practitioners, and business scholars. It initially focused on strategic leadership, business policies, and long-range planning. It evolved from the poorly articulated management constructs involving business policy during the 1950s and earlier to the more formal strategic management methodologies of the 1970s. Kenneth Andrews (1916–2005) of Harvard Business School and H. Igor Ansoff (1918–2002) of Massachusetts Institute of Technology were two of the renowned pioneers of strategic management and strategic business planning (SBP). Today, strategy management is one of the most well-known and frequently used constructs in business management. Andrews defined it thus:

Corporate strategy is the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principal policies and plans for achieving those goals, and defines the range of businesses the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities. In an organization of any size or diversity, “corporate strategy” usually applies to the whole enterprise while “business strategy,” less comprehensively defines the choices of product or service and market of individual businesses within the firm. Business strategy is the determination of how a company will compete in a given business and position itself among its competitors. Corporate strategy defines the businesses in which a company will compete, preferably in a way that focuses resources to convert distinctive competence into competitive advantages.

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Type: Chapter
Information: Enterprise-Wide Strategic Management
Achieving Sustainable Success through Leadership, Strategies, and Value Creation
, pp. 68 - 112

DOI: https://doi.org/10.1017/CBO9780511805943.004 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2009

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References

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Chandler, Jr. Alfred, Strategy and Structure: Chapter in the History of American Industrial Enterprise (Cambridge, MA: The MIT Press, 1962)Google Scholar

Mintzberg, Henry, The Strategy of Organizations: A Synthesis of the Research (Upper Saddle River, NJ: Prentice Hall, 1979)Google Scholar

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Ohmae, Kenichi, The Mind of the Strategists: The Art of Japanese Business (New York: McGraw-Hill, 1982)Google Scholar

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Senge, Peter M., The Fifth Discipline: The Art and Practice of the Learning Organization (New York: Currency/Doubleday, 1990, p. 8)Google Scholar

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Gilmore, F. F. and Brandenburg, R. G., “Anatomy of Corporate Planning,” Harvard Business Review, vol. 40, no. 6, November–December 1962, pp. 61–69Google Scholar

Ansoff, H. Igor, Corporate Strategy (New York: McGraw-Hill, 1965, pp. 202–203)Google Scholar

Ansoff, H. Igor, “Strategies for Diversification,” Harvard Business Review, vol. 35, September–October 1957, pp. 113–124Google Scholar

Learned, Edmund, Christensen, C. R., Andrews, K. R., and Guth, W. D., Business Policy: Text and Cases (Homewood, IL: Richard D. Irwin, 1965)Google Scholar

Mintzberg, Henry, The Rise and Fall of Strategic Planning (New York: Free Press, 1994, p. 36)Google Scholar

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Pearce, John II and Robinson, Jr. Richard, Strategic Management: Formulation, Implementation and Control (New York: McGraw-Hill Irwin, 2005, p. 2)Google Scholar

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