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.

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.

First, the use of dichotomous variables (predictability, malleability, and harshness) has resulted in the creation of a limited, coarse-grained strategy space. This is problematic because it means that fewer strategy approaches are identified to cover the strategy possibilities space, and these approaches are broad (i.e., umbrella approaches). This has resulted in a loss of precision in guiding the selection of the appropriate strategy. Take for example the umbrella strategy approach of adaptation, which has been operationalized primarily through continuous experimentation. Within this umbrella approach, there are several approaches such as static and dynamic robust strategy approaches [], which would only be revealed if the predictability dimension incorporated a greater number of states. This would help create a richer, more textured, and nuanced strategy space which differentiates between the varying levels of uncertainty [].

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.

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.