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Strategic Thinking for the Next Economy Paperback – May 24, 2001

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Editorial Reviews


" a readable guide to the state of cutting edge thinking...this book can be recommended both for students and practitioners of business strategy." (Pathways, Oct-Dec. 2001)

"…comprehensive and authoritative." (Journal of Operational Research Society, July 2007)

From the Inside Flap

From the acclaimed MIT Sloan Management Review comes this compendium of cutting-edge thinking about corporate strategy. Focusing on strategic imperatives of the new economy, leading thinkers in the field present their views in four general areas: strategy and value creation; flexibility in a volatile world; strategy making in uncertain times; and strategies for growth in fast-paced markets. Strategic Thinking for the New Economy shows that designing a successful strategy is a never-ending quest--and that effective strategic thinking is a process of continuously asking questions and thinking through issues in a creative way. Included among the book's many expert contributers are Christopher A. Bartlett, Henry Mintzberg, Richard T. Pascale and C. K. Prahalad.

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Product Details

  • Paperback: 250 pages
  • Publisher: Jossey-Bass; 1 edition (May 1, 2001)
  • Language: English
  • ISBN-10: 0787957291
  • ISBN-13: 978-0787957292
  • Product Dimensions: 6 x 0.9 x 9.1 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #1,460,952 in Books (See Top 100 in Books)

More About the Author

Michael A. Cusumano is the Sloan Management Review Distinguished Professor of Management at the MIT Sloan School of Management, with a joint appointment in MIT's Engineering Systems Division. His research focuses on technology management and strategy, especially in the software business. He received an undergraduate degree from Princeton University and a Ph.D. from Harvard University. He also completed a postdoctoral fellowship in production and operations management at the Harvard Business School. He has been a Fulbright Fellow and a Japan Foundation Fellow at the University of Tokyo. In 2009, he delivered the 13th annual Clarendon Lectures in Management Studies at Oxford University and was named one of the most influential people in technology and IT by Professor Cusumano is a director of a leading Indian IT services company, Patni Computer Systems (NYSE: PTI,, and of an interactive voice communications provider, Eliza Corporation ( He is also an advisor to FixStars Corp. (, which builds high-performance computing applications for clusters of Sony Playstation consoles and other multi-core processor blade servers; and Buzzient (, a social media analytics and integration firm. He is the author or co-author of 8 books, including The Business of Software (2004), Platform Leadership (2002), Competing on Internet Time (1998), and Microsoft Secrets (1995).

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16 of 18 people found the following review helpful By Robert Morris HALL OF FAMETOP 500 REVIEWERVINE VOICE on June 19, 2001
Format: Paperback
Here is an absolutely first-rate collection of essays which, with commendable diversity but consistent brilliance, examine fundamentals of strategy and value creation, strategic flexibility in (heaven knows) a volatile world, strategy marketing in uncertain times, and strategies for growth in fast-paced markets. We should not be surprised by the quality of content selected nor by the quality of editing provided by Cusumano and Markides. As they explain in the introduction, "The chapters in this volume fall into four categories. Part One (two chapters by Ghoshal, Bartlett, and Moran and one by Mintzberg and Lampel) deal primarily with strategy and value creation in the next economy. Part Two (one chapter by Hax and Wilde and one by Eisenhardt) talks about flexibility in a volatile world. Part Three (three chapters, by Pascale, Beinhocker, and Williamson) continues on this theme but focusses on strategy and strategy-making process in times of uncertainty. Finally, Part four (five chapters, by Hamel, Kim, and Mauborgne; Markides, Prahalad and Oosterveld, and von Krogh and Cusumano) concentrates on strategic innovation and strategies for growth, particularly bin fast-paced markets."
Those (such as I) who subscribe to the MIT Sloan Management Review have perhaps already read many of these essays. How convenient to have a single volume in which they are gathered; also, to have such a well-written Introduction by the editors and then a section ("The Authors") which suggests additional resources to explore. (I consider Markides' All the Right Moves: A Guide to Crafting Breakthrough Strategy to be one of the most important business books written within recent years.
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Format: Paperback
1. Build collective intuition that enhances the ability of top management team to see threats and opportunities sooner and more accurately.

a. Sharing information at must attend meetings is an essential part of building collective intuition. The interplay of ideas during these meetings enhances managers understanding of the data. Less successful top-management teams rarely meet with their colleagues in a group. These executives typically make fewer and larger strategic choices. When they do turn their attention to important decisions, they rely on market analyses and future trend projections that are idiosyncratic to the particular decision. Intuition is gained through experience, the ability to recognize pattern and process information in blocks. This Rapid pattern recognition is faster than processing single pieces of information.

b. Traditional approaches to strategy overemphasize the executives ability to analyze and predict which industries, competencies, or strategic positions will be viable and for how long. No advantage and no position is advantageous forever.

c. The ability to make fast, widely supported, and high quality strategic decisions on a frequent basis are the cornerstone of effective strategy.

2. Stimulate quick conflict to improve the quality of strategic thinking without sacrificing significant time.

a. In dynamic markets, conflict is a natural feature of high-stakes decision making because reasonable managers will often diverge in their views on how the marketplace will unfold. Strategic decision makers in rapidly changing markets not only tolerate conflict, they accelerate it.

b. One technique is scenario planning, creating advocate alternatives consider many future states. Remove stale thinking.

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4 of 6 people found the following review helpful By Todd O. Glassman on July 16, 2001
Format: Paperback
This is a great collection of essays that delivers a consistent message throughout. It begins with a new management manifesto, past theory, and works its way through flexibility and growth and innovation. A great, quick-reading book for those interested in the 'new' strategy game.
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