278 Handbook of research on strategy process DISCUSSION
The goal of this paper was to discuss the strategy process of theory to action through the lens of one strategy’s formulation. Since the strategy process is a micro based phenomenon, examining the actions of one actor offers a unique perspective on what truly takes place and the insights that result therein. As I reflect upon the writing of this paper and the creation of this strategy, the following insights surfaced. First, strategy is not as complicated as many would make it out to be. Essentially, there are only three steps – internal analysis, external analy- sis and crafting the strategy. That being said, the devil is in the detail, as the exact actions one takes in each bucket of activity are not as clear cut. Many strategy frameworks are helpful for external analysis (e.g. STEEP and Porter’s 5 Forces for external analysis) and internal analysis (RBV and Value Chain) but less guidance exists for the crafting and present- ation of the strategy. I offered a few new ideas here related to the 4 Ps as an organizing framework and the desire to keep strategy to one page for strategic communication, but this is an area that could be further exam- ined for tool creation. The second insight is that strategic communication is undervalued as a critical step in the strategy process. Designing the proper communication mechanisms and devoting the proper resources to delivering the messages took much more time than I imagined but proved to be one of the most important steps to successful strategy roll-out. I am realizing more and more how this should be viewed as a marketing challenge, just as with the introduction of a new product or company launch. In my case, I was able to leverage our marketing and communication staff as well as the unique talents of my student research assistants, but the importance and effort should not be underestimated. My third insight centers on the iterative process of strategy. I employed the scientific method and anticipated iterations, but I quickly realized that the strategy process mandates minor changes as you go, especially to manage buy-in from all constituent groups. At one point, however, you need to take a stake in the ground and issue strategic communication, but then it is necessary to continue to monitor the results and feedback for the next ‘major’ iteration. Finally, as I think about how this paper surfaces ideas for future research, I make the following humble observations. I think we should continue the micro based research stream to learn more about the individ- ual level actions and decisions for the strategy process. Particularly useful efforts may be multiple person examinations within one organization and/or comparisons of similar actors in multiple organizations. The goal
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