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Strategy as a field of study: Why search for a new paradigm?
Author(s) -
Prahalad C. K.,
Hamel Gary
Publication year - 2007
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.4250151002
Subject(s) - variety (cybernetics) , relevance (law) , field (mathematics) , competition (biology) , strategic management , paradigm shift , competitive advantage , deregulation , marketing , business , management science , economics , computer science , political science , epistemology , market economy , artificial intelligence , mathematics , pure mathematics , ecology , philosophy , law , biology
The fundamental structural transitions in a wide variety of industries brought about by major catalysts such as deregulation, global competition, technological discontinuities, and changing customer expectations are imposing new strains on managers around the world. Old recipes do not work anymore. Managers, concerned with restoring competitiveness of their firms, are abandoning traditional approaches to strategy; they are searching for new approaches that give guidance in a turbulent environment. Many academics, confronted with the same reality, are reexamining the relevance of the concepts and tools of the strategy field. In the absence of a consistent and useful strategy paradigm that they can use, managers appear to have embraced attention to ‘implementation’ as their saviour, more or less abandoning strategy as either unimportant or uninteresting. Academics continue to search for new approaches. This special issue of the Strategic Management Journal presents creative and new thinking dealing with substantive issues and methodologies that can lead to the evolution of a new paradigm(s).