Question
The strategy palette can be applied to a real-world business scenario by first understanding the strategic environment of the business. This involves identifying whether the business environment is predictable, unpredictable, malleable (can be shaped by the company or industry), harsh, or reserved for pioneers. Once the environment is identified, the appropriate strategy from the palette can be chosen and applied. For example, in a predictable environment, a classical approach can be used, while in an unpredictable environment, an adaptive strategy might be more suitable.
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With such an abundance of strategic frameworks to choose from, it's easy to get overwhelmed with options. Harvard Business Review (HBR) recommends using a "strategy palette" when navigating different options and choosing a framework based on the strategic environment. The five strategy environments, according to HBR, are:
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