Strategic Drift

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4 Terms

1
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What is strategic drift?

Strategic drift happens when the strategy of a business is no longer relevant to the external environment facing it

2
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What are the phases of strategic?

  1. Incremental Change

  2. Strategic Drift

  3. Flux

  4. Transformational Change or Death

3
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Why does strategic drift happen?

  • Business fails to adapt to a changing external environment

  • What worked before doesn’t work now

  • Complacency has set in, often built on previous success

  • Senior management deny there is a problem

4
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What are examples of businesses who suffered from strategic drift?

  • Kodak:

    • Failed to respond to rapid development and take up of digital photography- despite having created such technology

  • Nokia:

    • Lost dominant global market leadership in mobile phones by failing to respond to smartphone technology

  • IDK:

    • At one stage, the world’s leading social media platform; failed to respond to changing social trends and lost leadership to Facebook

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