Strategy

The strategic implications of the pandemic reverberate throughout modern organisations. Together with the imperative for sustainability, a fundamental reimagining of strategy formulation is now imperative. A pragmatic and flexible leadership approach is crucial for managing change and connecting corporate strategy with sustainability objectives. As traditional strategy frameworks prove inadequate for today’s fast-paced sustainability challenges, business leaders are confronting a fundamental paradigm shift. Sustainable strategic management is briefly introduced. This chapter systematically examines the evolution of strategy from the 1960s to the 2020s, illustrating the challenges faced by leadership teams as they navigate uncertainty in their marketplaces. This chapter then considers various perspectives of strategy, which provide a base for thinking about how to gain a competitive advantage. No review can ignore the seminal work of Mintzberg’s ten schools of strategy. Challenges and reasons for falling behind performance targets have led to an increased emphasis on the implications, which can increase long-term risk. This is pertinent to the United Nations Sustainable Development Goals (UNSDGs) 2030 and net-zero 2050 deadlines. Critical pedagogical features include the shareholder capitalism vs stakeholder capitalism Strategy Nugget. The Oxfam Mini Case Study presents a not-for-profit perspective, examining the capital allocation process and considering factors such as the number of billionaires.