Towards an integrated perspective of strategy : The value‐process framework

Purpose – The purpose of this paper is to provide a conceptual tool that would help managers to integrate the findings from strategy frameworks such as the value chain, the five forces or the VRIO framework by jointly analyzing the different levers of competitive advantage. Design/methodology/approach – Building on the extant literature the paper develops a strategy framework that integrates the internal and external dimensions of strategy formulation. To illustrate a practical application of the value‐process framework, the paper presents a case study of a project at the German music corporation Sony BMG. Findings – The value‐process framework serves managers as a conceptually unifying analysis tool that contributes to their understanding of the main levers that help to create a sustainable competitive advantage. The framework can be used to visually integrate isolated strategy frameworks by jointly analyzing the different levers of competitive advantage, and to develop consistent and integrated strategies that simultaneously take into account the internal and external perspectives of strategic decision making. Originality/value – While the existing strategy literature is good at providing specific concepts and tools of strategy analysis, it rarely connects the different dimensions and points out their interdependencies. As a result, strategic analyses are often fragmented and isolated from their broader context. The value‐process framework aims to provide an overarching perspective that helps to integrate the different dimensions of strategy formulation.