Business environments have become so diverse that companies today need different approaches to strategy in different circumstances, says Martin Reeves, senior partner and managing director of BCG. Large companies in particular should deploy separate strategies for different parts of business, and when they do so, research shows they perform better.
- Business environments are now so diverse that we need different approaches to strategy in different circumstances. And more particularly, the classical style of strategy – analyzing, planning and executing – is still perfectly fine for some situations, but it’s no longer a panacea.
- Large companies need to deploy multiple approaches to strategy in different parts of their business. We call this ambidexterity.
- We need to modify our concept of leadership. Leaders need able to lead, direct and design the mosaic of strategies that are required by large companies.