Letter from the Editor C. Baden-Fuller
At the heart of successful strategy lies policies for long term survival and success. Yet many ®rms still need to learn how to make better strategy. Here, in this issue, we deal with the question by supplying new concepts, new case studies and by interviewing a successful CEO. We start with concepts, and our opening paper by Shay and Rothaermel reviews past strategy models, highlighting contributions from BCG, Ohmae, Hamel and Prahalad and D'Aveni. They show that these classic models are still relevant, provided the frameworks are made dynamic to cope with today's fast moving environments. The authors provide this missing link, which is made clear and operational. They also supply examples to illustrate their points. Lawton's message is clear and strong, a new entrant can gain a foothold in a well-defended industry if it leverages its assets and deploys them effectively at the strategic level. By contrasting Ryan Air's strategies with those of other ®rms (including some which have recently failed) he illustrates his points. His paper gives powerful lessons to all that wish to challenge established Goliath's and succeed; and it explains why and how established ®rms are vulnerable to attack. Adjusting to industry challenges is the subject of Freathy and O'Connell's paper. They turn value chain thinking upside down, showing how airports originally the Cinderella's of the air-transport industry have transformed themselves to the greatest value creators by rethinking their role in the custo-
mer logic. They describe how management transformed its fortunes by grasping the opportunities offered by retailing, and how they reached this end. Birley and her colleagues examine the fundamentals of small business, and set aside pre-conceived notions of their governance. They carefully deconstruct myths about the source of small business success, and show that there are many ways to get to the single end. This is nicely complemented by Huang's paper on the relevance of succession planning in Taiwanese ®rms. This highly successful economy is largely populated by small business, and their long run future will depend on deploying the right human resources and embracing strategic resource logic. New to recent issues of Long Range Planning is the CEO interview, and I am pleased that in this issue we have the ®rst of a set of six undertaken by James Kelly, of Gemini Consulting. The CEO interview often provides unique insights into the thinking behind successful strategic change agents, and here we have the thoughts of Wim Bishoff, of Schroders. He has shaken traditions by emphasising shaping rather than planning. Finally, I would like to ¯ag up a change in the look of the journal starting next year. The shape and layout will be remodelled to make Long Range Planning more reader friendly; and the overall tone will be one of higher quality presentation to ®t the policy of upgrading the journal's content to world class.
Charles Baden-Fuller, Editor-in-Chief, email [email protected]
Long Range Planning, Vol. 32, No. 6, pp. iii, 1999 # 1999 Elsevier Science Ltd. All rights reserved Printed in Great Britain 0024±6301/99 $ - see front matter