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Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - A diagnostic tool to determine a strategic Improvisation Readiness Index Score (IRIS) to survive, adapt, and thrive in a crisis
AU - Hughes, P.
AU - Morgan, R.E.
AU - Hodgkinson, I.R.
AU - Kouropalatis, Y.
AU - Lindgreen, A.
PY - 2020/7/31
Y1 - 2020/7/31
N2 - Crises for business-to-business (B2B) firms are characterized by unexpected or unanticipated severe threats that are highly uncertain where strategic response times are low in which executives are victim of overwhelming time pressures to action fast strategic responses to these events—as the threats bring to question the viability and survivability of the firm. Consequently, crises provoke a profound impact on executives' sensemaking, as they attempt strategically navigate these events. We bridge thinking around crisis management with theories of strategic decision-making and conclude that strategic improvisation is a vital mechanism that enables effective management interventions to be executed as a means of surviving, adapting, or potentially thriving under challenging circumstances. We derive a theoretically grounded framework of five strategic imperatives underlying our 10C Strategic Imperative Framework for improvisation readiness. First, we develop the Improvisation Readiness Index Score (IRIS) as a means for executives to diagnose their organization's improvisation readiness according to the requisite strategic imperatives. Second, we present a three-step guide for executives to consider for managing through crisis with improvisation and the strategic imperatives at its heart. Third, we illustrate the strategy improvisation challenges. This allows executives to close the strategic improvisation gaps between their ‘actual’ and ‘preferred’ readiness.
AB - Crises for business-to-business (B2B) firms are characterized by unexpected or unanticipated severe threats that are highly uncertain where strategic response times are low in which executives are victim of overwhelming time pressures to action fast strategic responses to these events—as the threats bring to question the viability and survivability of the firm. Consequently, crises provoke a profound impact on executives' sensemaking, as they attempt strategically navigate these events. We bridge thinking around crisis management with theories of strategic decision-making and conclude that strategic improvisation is a vital mechanism that enables effective management interventions to be executed as a means of surviving, adapting, or potentially thriving under challenging circumstances. We derive a theoretically grounded framework of five strategic imperatives underlying our 10C Strategic Imperative Framework for improvisation readiness. First, we develop the Improvisation Readiness Index Score (IRIS) as a means for executives to diagnose their organization's improvisation readiness according to the requisite strategic imperatives. Second, we present a three-step guide for executives to consider for managing through crisis with improvisation and the strategic imperatives at its heart. Third, we illustrate the strategy improvisation challenges. This allows executives to close the strategic improvisation gaps between their ‘actual’ and ‘preferred’ readiness.
KW - COVID-19
KW - Crisis
KW - Improvisation readiness
KW - Resilience
KW - Strategic implications
KW - Strategic improvisation
U2 - 10.1016/j.indmarman.2020.05.020
DO - 10.1016/j.indmarman.2020.05.020
M3 - Journal article
VL - 88
SP - 485
EP - 499
JO - Industrial Marketing Management
JF - Industrial Marketing Management
SN - 0019-8501
ER -