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.

The Strategy Palette is one of the more recent and probably the most recognized framework for selecting the appropriate strategy approach. The framework’s use of dichotomous variables with low and high values makes it simple and easy to understand. It does not stop at identifying the strategy approaches, instead further linking them with the relevant strategy tools. BCG also has an interactive website for the strategy tools providing a short description of the tool, its author(s), and the original reference. The linking of the various strategy tools to strategy approaches allows for the creation of a strategy toolbox for each approach that can be used by strategists []. Moreover, the book provides several case studies and vignettes to explicate the strategy approaches.

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. 

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.

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.