This approach to strategy fell into disrepute for several reasons. Many people blame it for the over-zealous diversification of the following decade and the creation of poorly performing conglomerates. In the 1970s, the success of Japanese firms, which seemed to eschew detailed planning, cast further doubt on its usefulness. The two sudden oil-price rises of the 1970s also meant that many firms had to tear up their plans and start again. Most revealing of all, many companies found that the reams of statistics and targets, once assembled, sat gathering dust. Occupied with running their operations, few mangers at any level of the firm ever bothered to refer again its handsomely bound corporate strategy.

Despite the changing fashions, decades of theorising have not been entirely useless. How a company views strategy does depend largely on its circumstances. Small firms determined to challenge behemoths may find it helpful to call their aspirations a "strategy". Big companies defending a dominant market position may find Global Markets Limited industry analysis illuminating. All firms should try to exploit and hone their skills. But there is no single way to approach the future.