Tools for Strategy

This Element discusses the concept and applications of strategy tools. Strategy tools are frameworks techniques and methods that help individuals and organizations to create their strategies. After a brief overview of different ideas on strategy and strategic thinking we move on to define and discuss what strategy tools are and elaborate on the promise and perils of using them to implement strategic management. We review the most commonly used classic tools and techniques but also less well-known tools of the strategy trade as proposed by scholars writing in the leading strategy journals. We conclude by offering suggestions on how to improve strategic design and the effectiveness of the resultant strategy through the selective use of the most appropriate tools. Overall this Element provides a quick overview of the tools that are available to those tasked with creating organizational strategies and making strategic decisions.