Modern strategic management: balancing strategic thinking and strategic planning for internal and external stakeholders

The later years of the 20th century were spent searching for new strategy paradigms as managers and researchers sought to resolve the intricacies of customising strategy process and content to context. In particular. this paper builds on a popular view in the strategy literature that all individuals in the organisation can think strategically, not just the CEO. In the modern organisation, all staff are encouraged to demonstrate autonomy and responsibility combining thought, and analysis, and action. In this context the paper goes on to explain the interaction of internal and external stakeholders in the organisation from the board of directors down to line management in an evolved or sophisticated strategy process. Contemporary definitions of strategic thinking, strategic planning. and strategic management are developed.