Strategic management boils down to imagination and adaptation. Leadership forms a strategy using an imagined change they must believe will benefit the long-term viability of their firm. Guided by this vision, the thought leaders and subject matter experts combine their knowledge, motivation, and ingenuity to adapt their functional spaces to realize this plan. This guidance, once implemented, drives the entire organization as it navigates the expected obstacles it will encounter and mitigates the impact of the inevitable future unknowns.
When examining whether to pursue a strategy, leaders in technical industries may decide that they have no interest in achieving any long-term goals as the expected product lifespan is measured in months instead of years. Perhaps these leaders foresee little future for their market or any expected margins are too small for additional investment.
Some tech organizations engage in strategic management for as long as it takes for their efforts to fail to produce a successful action plan. Yet, follow through after strategy formation is not the most pressing issue. Why many of these techs fail to conduct strategic planning, despite it’s historical importance, is the the real mystery of contemporary technology management.