Compare differences between traditional approaches to shaping corporate strategy with the patching approach.

Another approach is the patching approach, which focuses more on the role of

The traditional approach to corporate strategy involves creating a “big picture” plan for the future of the company, and then executing it over an extended period of time. If properly executed, this approach could lead to long-term success. However, it also comes with risks like overextending resources and missing opportunities in the market. The patching approach, on the other hand, focuses more on short-term goals and rapid action to respond to market changes. The patching approach is flexible and allows companies to pivot quickly if necessary, while maintaining an overall direction. It encourages innovation and allows for learning from past mistakes, without requiring long-term commitments or waste of valuable resources. Although both strategies have merits, companies may discover that they can achieve desired results quicker and more effectively if they use a mixture of them.

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