Older approaches will not suffice. Firstly, that they can influence the competitive environment. Strategy is not about positioning the company in a given industry space but increasingly one of influencing, shaping and creating it. What managers do matters in how industries evolve. This is not just about the reactions of large, well-endowed companies like Citicorp, Merill Lynch, Hilton Hotels, IBM or General Motors.
Smaller companies can also have an impact on industry evolution.
Secondly, it is not possible to influence the evolving industry environment, if one does not start with a point of view about how the world can be, not how to improve what is available but how radically to alter it. Imagining a new competitive space and acting to influence the migration towards that future is critical. This process needs a different starting point. There is no attempt to be precise on product plans, or budgets. Knowing the broad contours of the future is not as difficult as people normally assume.