Strategy in Practice

A practitioner-focused approach to strategy and real-world strategic thinking

This 3rd edition has been revised and updated throughout to reflect the current thinking in strategy in view of the current economic and business climate. It questions how we are thinking differently about strategy now, in light of emerging from the global economic crisis. It includes new and updated case illustrations throughout, plus a new chapter on Strategy Execution and Performance Appraisal. Rigorously founded on current thinking and theoretical concepts in the field of strategic management, Strategy in Practice:

• Provides the strategy practitioner with a systematic and insight-driven approach to strategic thinking
• Establishes and translates the relevance of strategy theory to its application in the practice field
• Leads you through the strategic thinking process, beginning with the formulation of compelling and clearly articulated strategic questions that set the scene for practical issues
• Provides tools of strategic analysis in combination with informed intuition to understand the strategic landscape
• Has additional online resources available for instructors

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

George Tovstiga (Henley, UK) is Professor of Strategy and Innovation Management at Henley Business School, University of Reading and is Director of the Henley Executive Strategy Programme.
Professor Tovstiga teaches, researches and consults in the areas of strategy and innovation management. He has extensive international experience as management educator, industry practitioner, author and consultant. Prior to joining Henley, George consulted for Arthur D. Little (Switzerland) Ltd's Strategic Growth and Innovation Practice. He has also worked with Xerox Research, Bayer Ag and ABB as an industry practitioner.
His professional experience is in a diverse range of international assignments in the field of strategic management in both industry and academia. He is a consultant to a number of multinationals in the area of strategy.

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