- Elgar original reference
Edited by Pietro Mazzola and Franz W. Kellermanns
Chapter 24: The OODA Loop: A New Strategic Management Approach for Family Business
Joseph H. Astrachan, Chester W. Richards, Gaia G. Marchisio and George E. Manners INTRODUCTION Today, achieving and maintaining strategic competitiveness is one of the most difficult challenges that firms must address. To meet this need, firms develop, either implicitly or explicitly, strategic management processes whose ultimate goal is to achieve the performance outcomes that allow firms to be competitive over time (Habbershon et al., 2003) and to respond to the continuous changes in the competitive environment in an appropriate and timely way (Volberda, 1996). The current crisis and marked uncertainty do not leave much room for long term plans that may not incorporate the speed, flexibility and responsiveness that the current economic environment requires. To survive and prosper, firms must be swift and agile, able to understand the environment quickly, able to spot opportunities and emergent threats immediately, able to make decisions rapidly, able to recognize when change is appropriate, and able to enact such changes without delay to give themselves a competitive edge and achieve decisive results in the marketplace. Thus, decision speed becomes crucial in enabling firms in dynamic environments to exploit opportunities before they disappear (Stevenson and Gumpert, 1985). To understand how organizations can accelerate their decision speed, thus improving their performance in a challenging environment (Baum and Wally, 2003; Eisenhardt, 1989), it is important to focus theory and research development on strategic management (Sharma et al., 1997), and firm’s adaptability and flexibility (Volberda, 1999). We center our analysis on family firms, a particular kind of organization...
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