Teaching Strategists to Take Advantage of What Happens

Courses in strategic management should teach future strategists how to react to unexpected strategic events such as the appearance of innovative technologies, proposed mergers, drastic changes in production costs, or major actions by competitors or customers. Strategic events often trigger important changes in strategies, and reactions to strategic events make the difference between long-run success and failure. Courses can teach students about the philosophical and psychological difficulties posed by complex environments and uncertain futures and teach some procedures that help to assure that important issues receive consideration. Research may be able to identify some decision-making heuristics that foster success.