Two important conceptions of strategy
Strategy is an ongoing process of evaluating the firmÅfs purpose (Miles and Snow)
Evaluating, questioning, verifying and redefining the firmÅfs interactions with its environment
Assumes patterns of organizational adaptation to environments
Strategy allows the firm to adapt to dynamic, competitive, and uncertain environments
Strategic orientations differ in risk disposition, innovativeness and operational efficiencies
Types: defenders, prospectors, analyzers, reactors
III. The importance of strategic orientation
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