The future challenges of business: Rethinking management education

California Management Review

Volumn 50, Issue 3, 2008, Pages 119-139

  Schoemaker, Paul J H ^a,b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b Strategic Radar ^*

Author keywords

[No Author keywords available]

Indexed keywords

EID: 46049101998     PISSN: 00081256     EISSN: None     Source Type: Journal    
DOI: 10.2307/41166448     Document Type: Review

References (93)

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2. Henry Mintzberg, Managers Not MBAs (San Francisco, CA: Berret-Koehler Publishers, 2004).
3. Jeffrey Pfeffer and Christina T. Fong, "The Business School 'Business': Some Lessons from the U.S. Experience," Journal of Management Studies, 41/8 (December 2004): 1501-1520;
4. Ken Starkey, Armand Hatchuel, and Sue Tempest, "Rethinking the Business School," Journal of Management Studies, 41/8 (December 2004): 1521-1531.
5. Rakesh Khurana, From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession (Princeton, NJ: Princeton University Press, 2007).
6. Vincent Mangematin and Charles Baden-Fuller, "Global Contests in the Production of Business Knowledge: The Research Rankings of Business Schools," Long Range Planning (in press).
7. The Ford Foundation report was R. Gordon and J. Howell, Higher Education for Business (New York, NY: Columbia University Press, 1959).
8. The Carnegie Foundation report was F. C. Pierson, The Education of American Businessmen. A Study of University-College Programs in Business Administration (New York, NY: McGraw-Hill, Carnegie Series in American Education, 1959).
9. The University of Chicago lists their economic sciences Nobel Prize winners at 〈http://www-news.uchicago.edu/resources/nobel/economics. html〉. Noteworthy here are the awards in the field of finance to Merton H. Miller, Fisher Black, Myron Scholes, William Sharpe, and Harry M. Markowitz, among others.
10. Robert Hayes and William J. Abernathy, "Managing Our Way to Economic Decline," Harvard Business Review, 58/4 (July/August 1980): 67-77.
11. David J. Teece and Sidney G. Winter, "The Limits of Neoclassical Theory in Management Education," American Economic Association Papers and Proceedings, May 1984, pp. 116-121;
12. Robert Harris, "The Values of Economic Theory in Management Education," American Economic Association Papers and Proceedings, May 1984, pp. 122-126;
13. William J. Baumol, The Free-Market Innovation Machine (Princeton, NJ: Princeton University Press, 2002).
14. A well-known statement of this viewpoint is Richard Foster, Innovation: The Attacker's Advantage (New York, NY: Summit Books, 1986).
15. Similar sentiments are expressed in James M. Utterback, Mastering the Dynamics of Innovation (Boston, MA: Harvard Business School Press, 1995);
16. Alfred D. Chandler, "Organizational Capabilities and Economic History of the Industrial Enterprise," Journal of Economic Perspectives, 6/3 (Summer 1992): 79-100;
17. Rebecca M. Henderson and Kim B. Clark, "Architectural Innovation: The Reconfiguration of Existing Systems and Failure of Established Firms," Administrative Science Quarterly, 35/1 (March 1990): 9-30.
18. David B. Yoffie, "Competing in the Age of Digital Convergence," California Management Review, 38/4 (Summer 1996): 31-53;
19. Andrew Grove, Only the Paranoid Survive (New York, NY: Doubleday, 1996).
20. Joseph L. Bower and Clayton M. Christensen, "Disruptive Technologies: Catching the Wave," Harvard Business Review, 73/1(January/February 1995): 43-53;
21. Clayton M. Christensen, The Innovator's Dilemma (Boston, MA: Harvard Business School Press, 1997);
22. Clayton M. Christensen, Scott D. Anthony, and Erik A. Roth, Seeing What's Next (Boston, MA: Harvard Business School Press, 2004).
23. A. Michael Spence, Market Signaling: Informational Transfer in Hiring and Related Screening Processes (Boston, MA: Harvard University Press, 1974).
24. W. Chan Kim and Renee Mauborgne, Blue Ocean Strategy (Boston, MA: Harvard Business School Press, 2005).
25. George S. Day and Paul J.H. Schoemaker, eds., Wharton on Managing Emerging Technologies (New York, NY: Wiley, 2000). See also Christensen (1997), op. cit.
26. G. Day and P.J.H. Schoemaker, "Avoiding the Pitfalls of Emerging Technologies," California Management Review, 42/2 (Winter 2000): 8-33.
27. William F. Hamilton and Graham R. Mitchell, "Managing R&D as a Strategic Option," Research Technology Management, 50/2 (March/April 2007): 41-50;
28. Edward H. Bowman and Dileep Hurry, "Strategy Through the Options Lens: An Integrated View of Resource Investments and the Incremental-Choice Process," Academy of Management Review, 18/4 (October 1993): 760-782;
29. Rita G. McGrath, "A Real Options Logic for Initiation Technology Positioning Investments," Academy of Management Review, 22/4 (October 1997): 974-996;
30. I.C. MacMillan, A.B. van Putten, R.G. McGrath, and J.D. Thompson, "Using Real Options Discipline for Highly Uncertain Technology Investments," Research Technology Management, 49/1 (January/February 2006): 29-37.
31. Grove, op. cit.
32. Constantinos C. Markides and Paul A. Geroski, Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets (San Francisco, CA: Jossey-Bass, 2004);
33. J. Birger, "Second-Mover Advantage," Fortune, March 20, 2006, pp. 20-21.
34. There is an extensive literature on the first-mover advantage. For an overview, see Gerard J. Tellis and Peter N. Golder, Will and Vision (New York, NY: McGraw-Hill, 2002).
35. As these authors point out, much of the early research that revealed a profit and share advantage to pioneers was based on studies of surviving firms. See, for example, Robert D. Buzzell and Bradley T. Gale, The PIMS Principle: Linking Strategy to Performance (New York, NY: The Free Press, 1987);
36. Glen Urban, Theresa Carter, Steven Gaskin, and Zofia Mucha, "Market Share Rewards to Pioneering Brands: An Empirical Analysis and Strategic Implications," Management Science, 32/6 (June 1986): 645-659.
37. A good strategic analysis is offered by Marvin Lieberman and David Montgomery, "First-Mover (Dis)Advantages: Retrospective and Link with the Resource-Based View," Strategic Management Journal, 19/12 (December 1988): 1111-1124.
38. Paul J.H. Schoemaker, Profiting from Uncertainty (New York, NY: The Free Press, 2002).
39. A.P. Sloan, J. McDonald, and C. Stevens, My Years with General Motors (Garden City, NY: Doubleday, 1964);
40. A.D. Chandler, Jr., "General Motors - Creating the General Office," in A.D. Chandler, Jr., Strategy and Structure: Chapters in the History of American Enterprise (Cambridge, MA: The MIT Press, 1995), pp. 114-162.
41. B. Levitt and J.G. March, "Organizational Learning," Annual Review of Sociology, 14 (1988): 319-340;
42. N. Siggelkow and D.A. Levinthal, "Escaping Real (Non-Benign) Competency Traps: Linking the Dynamics of Organizational Structure to the Dynamics of Search," Strategic Organization, 3/1 (February 2005): 85-115.
43. M.T. Hansen, H.W. Chesbrough, N. Nohria, and D.N. Sull, "Networked Incubators: Hothouses of the New Economy," Harvard Business Review, 785 (September/October 2000): 74-84;
44. B. Becker and O. Gassmann, "Gaining Leverage Effects from Knowledge Modes within Corporate Incubators," R&D Management, 36/1 (January 2006): 1-16.
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47. J. Sherman, In the Rings of Saturn (New York, NY: Oxford University Press, 1994).
48. J.H. Rohlfs, Bandwagon Effects in High-Technology Industries (Cambridge, MA: MIT Press, 2001).
49. Michael Tushman and Charles A. O'Reilly, III, Winning Through Innovation: A Practical Guide to Leading Organizational Change and Renewal (Boston, MA: Harvard Business School Press, 1997);
50. C.A. O'Reilly and M.L. Tushman, "The Ambidextrous Organization," Harvard Business Review, 82/4 (April 2004): 74-81.
51. The network approach is well described in Henry Chesbrough, Open Business Models: How to Thrive in the New Innovation Landscape (Boston MA: Harvard Business School Press, 2006):
52. Larry Huston and Nabil Sakkab, "Connect and Develop: Inside Procter & Gamble's New Model for Innovation," Harvard Business Review, 84/3 (March 2006): 58-66.
53. See also Paul Kleindorfer and Jerry Wind, eds., Network-Based Strategies and Competencies (Philadelphia, PA: Wharton Publishing, forthcoming).
54. Adam M. Brandenburger, Barry J. Nalebuff, and Ada Brandenburger, Coopetition (New York, NY: Doubleday, 1997);
55. L.G. Telser, A Theory of Efficient Cooperation and Competition (New York, NY: Cambridge University Press, 1987);
56. P.S. Ring and A.H. Van de Ven, "Structuring Cooperative Relationships between Organizations," Strategic Management Journal, 13/7 (October 1992): 483-498;
57. L.D. Browning, J.M. Beyer, and J.C. Shetler, "Building Cooperation in a Competitive Industry: SEMATECH and the Semiconductor Industry," Academy of Management Journal, 38/1 (February 1995): 113-151;
58. H. Adobor, "Inter-Firm Collaboration: Configurations and Dynamics," Competitiveness Review, 16/2 (2006): 122-134.
59. For further details see George S. Day and Paul J. H. Schoemaker, "Scanning the Periphery," Harvard Business Review, 83/11 (November 2005): 135-148.
60. Adapted from George S. Day and Paul J. H. Schoemaker, Peripheral Vision (Boston, MA: Harvard Business School Press, 2006).
61. B. Stone, "Cellphone Envy Lays Motorola Low," New York Times, February 3, 2007.
62. Leonard Fuld, "Be Prepared," Harvard Business Review, 81/11 (November 2003): 20-21.
63. A self-assessment on a scale of 1-7, based on responses from participants in senior management programs at Wharton and CEDEP at INSEAD. Details of this diagnostic "Strategic Eye Exam" used to estimate these results can be found in Day and Schoemaker (2006), op. cit. You can take the survey yourself, with benchmark feedback, at 〈www.thinkdsi.com〉.
64. A. Kenworthy-U'Ren, A.H. Van de Ven, and E. Zlotkowski, "Toward a Scholarship of Engagement: A Dialogue Between Andy Van de Ven and Edward Zlotkowski," Academy of Management Learning & Education, 4/3 (September 2005): 355-362;
65. A.H. Van de Ven and P.E. Johnson, "Knowledge for Theory and Practice," Academy of Management Review, 31/4 (October 2006): 802-821.
66. Hunter Crowther-Heyck, "Herbert Simon and the GSIA: Building an Interdisciplinary Community," Journal of the History of the Behavioral Sciences, 42/4 (2006): 311-334.
67. J.P. Womack, D.T. Jones, D. Roos, and the Massachusetts Institute of Technology, The Machine that Changed the World: Based on the Massachusetts Institute of Technology 5-Million Dollar 5-Year Study on the Future of the Automobile (New York, NY: Rawson Associates, 1990).
68. Joseph L. Bower, Managing the Resource Allocation Process: A Study of Corporate Planning and Investment (Boston, MA: Harvard Business School Press, 1970, revised edition May 1986).
69. Michael E. Porter, The Competitive Advantage of Nations (New York, NY: Free Press, 1998).
70. Examples of practitioner-driven research initiatives include the classic experience curve models of BCG, database studies by the Center for Creative Leadership, Roland Berger's recent book on the automotive industry, or Chris Zook's trilogy on how to profit from the core and beyond (as funded by Bain).
71. Phil Rosensweig, The Halo Effect: ...and the Eight Other Business Delusions That Deceive Managers (New York, NY: Free Press, 2007).
72. See also James O'Shea and Charles Madigan, Dangerous Company: The Consulting Powerhouses and the Businesses They Save and Ruin (New York, NY: Penguin, 1998).
73. Edward P. Lazear, "The Peter Principle: A Theory of Decline," Journal of Political Economy, 112/1 (February 2004): 141-163;
74. M. McPherson and G. Winston, "The Economics of Academic Tenure: A Relational Perspective," Journal of Economic Behavior and Organization, 4 (1983): 163-184.
75. Thomas S. Kuhn, The Structure of Scientific Revolutions (Chicago, IL: University of Chicago Press, 1996).
76. For the perspectives of present and past deans of top business schools, see Arnoud De Meyer, Patrick T. Harker, and Gabriel Hawawini, "The Globalization of Business Education," in Hubert Gatignon and John R. Kimberly, eds., The INSEAD-Wharton Alliance on Globalizing (Cambridge: Cambridge University Press, 2004);
77. Gabriel Hawawini, "The Future of Business Schools," Journal of Management Development, 24/9 (2005): 770-782.
78. See the entire March 2000 issue of Strategic Management Journal, which is devoted to strategic networks.
79. Note in particular: Y.L. Doz, P.M. Olk, and P.S. Ring, "Formation Processes of R&D Consortia: Which Path to Take? Where Does It Lead?" Strategic Management Journal, 21/3 (March 2000): 239-266.
80. "The War on Cancer," Fortune Magazine, March 22, 2004. Personal conversations with Dr. Harold Varmus, discoverer of oncogenes, Nobel Laureate, and President of Memorial Sloan Kettering Cancer Center.
81. J.R.W. Merrick, J.R. Hardin, and R. Walker, "Partnerships in Training," Interfaces, 36/4 (July/August 2006): 359-370;
82. M. McAdam, B. Galbraith, R. McAdam, and P. Humphreys, "Business Processes and Networks in University Incubators: A Review and Research Agendas," Technology Analysis & Strategic Management, 18/5 (December 2006): 451-472.
83. Kathleen M. Eisenhardt, "Paradox, Spirals, Ambivalence: The New Language of Change and Pluralism," Academy of Management Review, 25/4 (October 2000): 703-705;
84. W.K. Smith and M.L. Tushman, "Managing Strategic Contradictions: A Top Management Model for Managing Innovation Streams," Organization Science, 16/5 (September/October 2005): 522-536;
85. A.A. Lado, N.G. Boyd, P. Wright, and M. Kroll, "Paradox and Theorizing within the Resource-Based View," Academy of Management Review, 31/1 (January 2006): 115-131;
86. T.C. Powell, D. Lovallo, and C. Caringal, "Causal Ambiguity, Management Perception, and Firm Performance," Academy of Management Review, 31/1 (January 2006): 175-196.
87. L.P. Steier, "International Business and a Reconceptualist View of Managerial Knowledge," Journal of Teaching in International Business, 3/1 (1991): 1-20;
88. John Quelch, "A New Agenda for Business Schools," The Chronicle of Higher Education, 52/15 (2005): B19.
89. Clayton R. Christensen, D.A. Garvin, and A. Sweet, Education for Judgment: The Artistry of Discussion Leadership (Boston, MA: Harvard Business School Press, 1991).
90. S. Ghoshal, J.M. Birkinshaw, and G. Piramal, Sumantra Ghoshal on Management: A Force for Good (New York, NY: FT Prentice Hall/Pearson Education, 2005).
91. Mark Granovetter, "Economic Action and Social Structure: The Problem of Embeddedness," American Journal of Sociology, 91/3 (1985): 481-510.
92. Robert M. Axelrod, The Evolution of Cooperation (New York, NY: Basic Books, 1984);
93. Jeremy Griffith, A Species in Denial (Sydney: FHA Publishing and Communications, 2003).