The Strategy Palette framework was first published in Harvard Business Review (HBR) in by the lead author, Martin Reeves, and two colleagues, Claire Love and Philipp Tillmanns []. It had two dimensions: predictability and malleability; as well as four strategy approaches. Subsequently in , the framework was updated, and a third dimension was added called harshness, resulting in five strategy approaches. This updated version was published in the book “Your Strategy Needs a Strategy: How to Choose and Execute the Right Approach”, which was written by the lead author, Martin Reeves, and two new co-authors, Knut Haanaes and Janmejaya Sinha [].

The adaptive strategy approach is most suitable for environments that are unpredictable and difficult to change. In these environments, it is difficult for companies to achieve sustainable competitive advantage pursuing the classical approach. Instead, companies aim to achieve a series of transient or short-term advantages by continually monitoring their environments and adjusting their objectives, updating their strategies, modifying their resources, and reconfiguring their capabilities.

BCG’s Strategy Palette is based on three key contingent variables: unpredictability, malleability, and harshness, resulting in five strategy approaches: classical, adaptive, shaping, visionary, and renewal. It serves as a good introduction to strategy approaches and provides guidance on the relevant strategy tools that can be utilized for each approach. However, using only dichotomous variables makes this a more reductionist framework which does not lend itself towards capturing the different degrees of variation and complexity within the variables. Therefore, it does not allow for a more extensive and pertinent set of strategy approaches to be considered. 

The adaptive strategy approach is evolutionary, necessitating the creation of solution hypotheses and testing them through experiments, then selecting promising options and scaling them up. The emphasis here lies in creating strategic flexibility. BCG research has identified strategy tools that can be used with the adaptive approach. These strategy tools include time-based competition, first mover advantage, dynamic capabilities, strategy as simple rules, adaptive advantage, and transient competitive advantage.

Finally, the book and its accompanying website cover strategy tools and link them to the five strategy approaches, creating five strategy toolboxes. This is a good development but one with insufficient coverage of the available strategy tools. In my research on strategy tools covering the same period (-), I identified over strategy tools. Some of these strategy tools include backcasting [], business wargaming [], assumption-based planning [], strategy under uncertainty [], the three horizons framework [], strategy diamond [], portfolio of initiatives [], strategy as active waiting [], the strategy tripod framework [], and capabilities-driven strategy []. BCG’s narrow coverage of strategy tools combined with fewer strategy approaches results in limited and incomplete strategy toolboxes and consequently, inadequate strategy guidance.