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Managing risk is an important aspect of owner-managers’ decision-making; however, the impact of major environmental market disruptions remains largely under-researched. Underpinned by an effectuation lens, this study examines decision-making associated with the ‘concentration versus spreading debate’ (focusing on a single or limited number of product-market strategies rather than diversifying across a variety of product-markets). The context features post natural-disaster recovery strategies following a high magnitude earthquake that immediately ended firms’ sales within their local proximity. The study employs a longitudinal qualitative research design involving 16 smaller-sized wine producers in the Canterbury/Waipara Valley cluster of New Zealand, illustrating different degrees of strategic flexibility among owner-managers. Unique insights offer varying ‘how and why’ perspectives into decision-making regarding the extent to which product-market strategies differed across core and augmented product portfolios and geographic markets prior to and following the disruption caused by the unanticipated natural disaster.

journal of strategic marketing

Revisiting the ‘concentration vs spreading debate’: perceived risk and strategic flexibility in decision-making following an unanticipated environmental market disruption