During the 1950s, after the Second World War, academicians, researchers and practitioners basically paid very little attention to the practical concepts of strategy developed and embraced during the war. After normalcy and stability was achieved most business persons and investors started focusing …show more content…
Social responsibility and moral values were greatly considered by pioneers of the strategy concept in the 1960s. For example, Igor Ansoff referred to them in discussing the non-economic influences which affect the objectives of the firm and the personal non-economic objectives that he described include personal ethics, social responsibilities and social status.
Moving towards the 1970s, this was a period that was characterized by great turmoil and there was also a growing need for strategic thought. World inflation made wages and floating exchange rates volatile, and price control a reality. These scenarios led to the rise of independent firms offering strategic guidance in times when strategic thought and tools for analysis were in great demand (Freeman, 2010). In this regard researchers and academicians changed the name of the field from strategic planning to strategic management. Great personalities such as Ansoff and Mintzberg were very vigorous during this period and in helping understanding the field of strategic management better.
Hence this period, can be described as the moment of conceptualization of strategic