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Strategy making in novel and complex worlds: the power of analogy

Gavetti, Giovanni - ; Levinthal, Daniel A. - ; Rivkin, Jan W. - ;

How firms discover effective competitive positions in worlds that are both novel and complex are examined. In such settings, neither rational deduction nor local search is likely to lead a firm to a successful array of choices. Analogical reasoning, however, may be helpful, allowing managers to transfer useful wisdom from similar settings they have experienced in the past. From a long list of observable industry characteristics, analogizing managers choose a subset they believe distinguishes similar industries from different ones. Faced with a novel industry, they seek a familiar industry which matches the novel one along that subset of characteristics. They transfer from the matching industry high-level policies that guide search in the novel industry. This conceptualization of analogy is embodied in an agent-based simulation model. The model allows us to examine the impact of managerial and structural characteristics on the effectiveness of analogical reasoning. With respect to managerial characteristics, analogical reasoning is especially powerful when managers pay attention to characteristics that truly distinguish similar industries from different ones..Printed Journal


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit: John Wiley & Sons
Edisi-
SubjekStrategic planning
Management theory
Simulation
Models
studies
ISBN/ISSN1432095
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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