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Strategy-Making in Turbulent Times

Pallvi Sharma

Student id: 239406590

Course Code: ADMN1206Z

Course: Management Skills and Secondary Research

Professor: Paul Finlyson

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In today's dynamic business environment, traditional approaches to strategic planning need to be

revised. Michael Mankins and Mark Gottfredson introduce an engaging and ongoing strategy-

making system to succeed in uncertain times. This forefront model highlights the importance for

companies to adapt and evolve continually in response to new circumstances. In order to make

the greatest judgments in an unpredictable business environment, we must think strategically

about a desirable future that may be 4-5 years ahead. Some new approaches describe strategy-

making in turbulent times better. Strategic planning explores speculative future events that are

extreme but plausible. They cover various conceivable outcomes, including unusual but

believable ones, and are required to inspire original thought. In the evolving energy market,

CMS Energy's strategy is an example of how these scenarios aid organizations in identifying

advantageous activities under diverse circumstances, enabling more adaptive and informed

decision-making. Further, Strategic hurdle and alternatives are critical in an unpredictable

world, providing valuable flexibility. Leaders should give more attention to strategic flexibility,

even when it is hard to evaluate. Companies like Disney have used strategic hedges and options

to their advantage. However, it is essential to spread resources evenly and maintain a strategic

focus to maximize the benefits of these options. Next, the text describes that companies should

not conduct experiments promptly to look for instant benefits. The primary purpose of this

approach is to decrease the risk of failure. Investigations should be executed appropriately with

significant growth opportunities to maximize their value and impact. Moving on to the last

approach of this model, it discusses that market circumstances change very unexpectedly, and

leaders should quickly revise their metrics and guidepost to ensure they have the most up-to-date

information for decision-making. Michael Mankins and Mark characterized this model by
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ongoing strategy-making and adjustment, creating an ever-evolving strategy that can smoothly

balance changing conditions.

References

Mankins, M., & Gottredson, M. (2022). Strategy-making in turbulent times a dynamic new model.

Harvard business review, (2022), 11. https://doi.org/10.4324/9781315698717

Word counts: 326 words including citation