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Metastrategy: learning and avoiding past mistakes

Author: Makridakis, Spyros INSEAD Area: Technology and Operations ManagementIn: Long Range Planning, vol. 30, no. 1, 1997 Language: EnglishDescription: p. 129-135.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: While there is no doubt that strategy is indispensable for the success of the firms, countries, or even whole continents like Europe, there is little agreement even on what strategy is, not to mention what must be done to improve the chances of succeeding in the future. This article looks at past practices in the field of strategy which have, in their great majority, failed to provide any real benefits to organizations while some of these practices have even contributed to huge losses. The article argues that it is time to learn from past mistakes and adopt a new approach to strategy based on successful experiences outside the field of business (e.g. living systems, wars, competitive sports). Finally, within this framework it briefly discusses the strategic challenges for Europe and European firms if they are to become capable of successfuly competing at the global level
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While there is no doubt that strategy is indispensable for the success of the firms, countries, or even whole continents like Europe, there is little agreement even on what strategy is, not to mention what must be done to improve the chances of succeeding in the future. This article looks at past practices in the field of strategy which have, in their great majority, failed to provide any real benefits to organizations while some of these practices have even contributed to huge losses. The article argues that it is time to learn from past mistakes and adopt a new approach to strategy based on successful experiences outside the field of business (e.g. living systems, wars, competitive sports). Finally, within this framework it briefly discusses the strategic challenges for Europe and European firms if they are to become capable of successfuly competing at the global level

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