What is strategy, and does it matter?

In his introduction to this book on corporate strategy, Richard Whittington makes the point that the great number of published books on strategic management all cover much the same ground and present similar recipes for success, and few indulge in self-questioning. If it was really as easy as that, managers would only need to read a few books in order to ensure they never make mistakes. Reality, however, is that in the world of business many of the most well-accepted models of strategic have met with spectacular failure. What is Strategy - and Does it Matter? identifies four basic theories of action in strategy: the classical planning approach; the efficiency-driven evolutionary approach; the craft-like processural approach; and the internationally-sensitive, systemic approach.