It is now pretty clear that success in the highly dynamic global environment is a composite function of sound strategic thinking and analysis, strategy insight, continuous development of an enterprise’s resources, competencies, capabilities, and ability to align and re-adjust the enterprises strategies to the demand of the global audiences and ever-changing internal and external business environments.
However, having a good strategic insight is not the necessary and sufficient condition for success. A business organization should be able to specialize in the areas of the business that it has relative competitive advantages over its rival firms, and opt for strategic alliance or other strategic options in areas where it has relative competitive disadvantages. To achieve this, sound strategic analysis of both the internal and external environments is the critical success factor that should never be underestimated.
Integration Discussions on Understanding the Complementarities between Strategy Thinking and Strategic Planning - Graetz, F. 2002.
According to Heracleous (1998, p.482, 485, cited in Graetz, 2002, p. 457), ‘the ability to think strategically provides another dimension to the process of strategy making. It recognizes that strategic thinking and planning are “distinct, but interrelated and complementary thought processes” that must sustain each other for effective strategic making’. In line with the above view of Heracleous, strategic planning serves as the framework that aligns, integrate and ensure a best fit between the plans developed through the thinking processes to the objectives which a business enterprise is expected to achieve. The link between a good strategic thinking and strategic planning is an effective and efficient strategy management. This particular line of Heracleous could be extended by viewing the strategic thinking processes as the ability that resides in individual employee of an organization. The planning is...