Knowledge as a lens on the jigsaw puzzle of strategy : Reflections and conjectures on the contribution of a knowledge‐based view to analytic models of strategic management

Purpose – The purpose of this paper is to demonstrate how to incorporate knowledge concepts into analytical models of strategy formulation and the strategic theory of the firm. Design/methodology/approach – The paper examines four different perspectives of the elusive concept of “knowledge”, namely, “knowledge as assets”, “knowledge through innovation”, “knowledge embedded in routines” and “knowledge through learning”. The study attempts to specify and interrelate the concepts of a knowledge‐based strategic theory of the firm. Findings – The “knowledge web” is seen as a partial framework, capturing from a strategic perspective how both specific and organisational knowledge build the competences necessary for the value‐creating activities of the firm. Practical implications – The paper provides frameworks for understanding how knowledge can reinforce the strategic core competences of the firm. Originality/value – The paper addresses knowledge as a key element in the development of an enhanced strategic theory of the firm, incorporating the knowledge‐based viewpoint.