“One of These Days, Things are Going to Change!” How Do you Make Sense of Market Disruption?

Tore Strandvik, Maria Holmlund, Ilkka Lähteenmäki

Research output: Contribution to journalArticleScientificpeer-review

4 Citations (Scopus)

Abstract

The significance of mindsets is apparent in everyday business life. As today’s managers and companies face uncertainty and disruptive change in the business environment and markets, there is a growing need to understand and strategically address such change. This becomes challenging when disruptive market forces confront the institutional logic or rules of the game based on collectively acquired experience of doing business in the given field. In overcoming such challenges, managers’ hidden reasoning remains an untapped potential while their existing mindset influences what they attend to and what they decide to do. This article elaborates a diagnostic framework, accompanied by a tool to help managers make sense of disruptive markets and reflect individually and collectively on possible courses of action. The framework has two principal dimensions—strategic scope and focus—that are further divided into three business elements of strategic market-oriented management: offering, customer, and market. The tool offers a practical means of profiling individuals’ mindsets. In increasingly dynamic business environments, reflection capabilities represent a new source of competitive advantage.
Original languageEnglish
Peer-reviewed scientific journalBusiness Horizons
Volume61
Issue number3
Pages (from-to)477-486
Number of pages10
ISSN0007-6813
DOIs
Publication statusPublished - 13.04.2018
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • Mindset
  • managerial decision making
  • self-diagnosing tool
  • management strategy
  • market disruption
  • Marketing Logics and Strategizing
  • Business, Markets and Societal Dynamics

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