Opening up strategy formulation: Benefits, risks, and some suggestions
Business Horizons, 2019, vol. 62, issue 3, 383-393
Strategy is an important tool for competitive success and how firms formulate and implement strategy is widely discussed in both the academic and practitioner literature. Historically, there has been a divide between strategy formulation and execution. Strategy formulation has largely been associated with top management teams, while implementation was assigned to middle and lower-level managers. Organizations can benefit from broadening the strategy formulation process to include a range of both external and internal stakeholders. In this article, we explore the promise and risks associated with open strategy and offer some suggestions for overcoming associated dysfunctions.
Keywords: Open strategy; Stakeholder involvement; Strategy planning; Diversity of ideas (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:bushor:v:62:y:2019:i:3:p:383-393
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