Falling back on your own resources

Points out that managers in the real world study and analyse, strategy, because they want to know what to do, but more than that, they need to know how to decide what to do. Describes the rationalist approach as an essentially prescriptive one and maintains that although the criticisms of the rationalist approach have been well aired, it remains the most prevalent method of formulating strategy today. Believes that a successful strategy is established by a company through ‘understanding its own capabilities, and relating them to the business environment they face’.