The field of business policy has variously characterized the task of managing organization-environment relations as: (a) responding to exogenous environmental threats and opportunities, (b) negotiating resource interdependencies with outside stakeholders, and (c) strategically maneuvering vis-à-vis competitors in industrial arenas. An alternative way of characterizing the task of managing organization-environment relations is offered. This focuses on the notion of collective strategy: the joint

Fewer new growth opportunities and increased global competition will make "star" businesses a rarity in the late 1980s. Furthermore, divesting "dog" businesses may become difficult because of increased stakeholder activism.Firms therefore may have to decrease their reliance on portfolio planning and increasingly emphasize product extensions and business rejuvenations.A planning framework for managing such a self-renewal is outlined.