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 shaping strategy approach is most suitable for environments which are unpredictable but malleable. These environments usually exist in new industries where there are no established leaders or rules of competition. Many companies can enter these low barrier industries and introduce innovative business models, products, and services. Mature markets may also be ready to be disrupted if they are overserving major customer segments or not serving customers. The disruption is usually through business model innovation.

This strategy approach is highly analytical and involves three key activities - analysis, planning, and executing. The emphasis here is on being efficient and optimal. The strategy methods, tools and techniques associated with it are well-known because this approach has and still enjoys wide adoption by organizations, business schools, and consulting firms. Out of the strategy tools that were surveyed, were identified as belonging to the classical approach. These strategy tools include SWOT, Cs, Porter’s five forces, BCG portfolio matrix, core competencies, resource-based view, value chain, and strategy maps.

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.

The generic visionary strategy approach is entrepreneurial and usually used by start-ups. It involves envisaging, building, and persisting. The approach starts with envisaging an opportunity that has arisen due to technological discontinuity, change in customer behavior, or the emergence of a megatrend. Once a vision has been agreed on, the entrepreneurs move to create a company that can fulfil the vision. Then, they commit resources and persist in pursuing the vision. BCG research has identified seven strategy tools that can be used with the visionary approach. These strategy tools are innovation adoption curves, discontinuous innovation, disruptive innovation, value innovation, competing for the future, tipping point, and blue ocean strategy.