Why is Theory Important?

Does Context Matter in Strategy?

How can we apply a theory—which is general in nature and is acceptable universally—across all industries and geographical contexts? This podcast perhaps will relate more to the latter rather than to the former.

Why is Theory Important?

Theories are often looked at as something that's far from reality and practice. However, theory does have a very important role to play. Theories are important to structure phenomena that we see and hear around us.  For managers this also means that the parameters of the theory can be altered to gain more insights into the appropriateness of their managerial actions.