New thinking about strategy

“Traditional thinking about strategy is woefully incomplete,” according to the authors of an article in the current issue of MIT Sloan Management Review.

With its focus on how products or services are positioned, “traditional thinking about strategy is woefully incomplete,” write the authors of “Integrating Innovation Style and Knowledge into Strategy,” an article in the current issue of MIT Sloan Management Review. Authors Edward F. McDonough III, Michael H. Zack,  Hsing-Er Lin and Iris Berdrow argue that companies need to think not only in terms of how a company’s products and services are positioned but also what the company’s knowledge position and innovation position are — and whether all three are aligned.

The idea? In a dynamic, changing economy, the authors write, an organization’s competitive position is “based not only on what an organization makes or the services it provides but also what it knows and how it innovates.”