In reality, strategic management is a relatively young subject. It has its roots in the economic and social theories of the 1930s and 1940s – perhaps even earlier. But it only really began to emerge as a separate topic in the 1960s and 1970s. Even today, there is only partial agreement on the fundamental principles of strategic management with many views, ideas and concepts. This makes the topic interesting and challenging.
But it also means that there is no fully accepted body of knowledge unlike, for example, mechanical engineering or organic chemistry. According to one recent authoritative survey amongst academic strategists (Nag et al,Strategic Management Journal, 2007, Vol 28, pages 935-955), there are two main streams of thought related to strategic process: prescriptive (or intended) strategic processes and emergent strategic processes.
The authors produced the following definition from their survey over the period 1983-2004: ‘The field of strategic management deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments.’
This website uses the word prescriptive in place of intended in the above definition.
The website accompanying my book Strategic Management 5th edition has a film that explores in depth the differences between prescriptive and emergent strategic processes. It’s called ‘The Battle for the European Breakfast Cereal Market.’