The CEO of a company has gathered his four key executives, Henry, Linda, Carol, and Michael, to initiate the strategy development process. He seeks their input on the approach to be taken and says, "How should we approach our strategy development? I want to hear your ideas."

Henry: "I believe the process should revolve around analyzing and understanding the external industry environment. We must strive to gain a competitive advantage by positioning the organization effectively against our competitors."

Linda: I would suggest delving into the broader institutional and societal context that significantly influences our strategy. Our company needs to align its strategies with prevailing norms, regulations, and societal expectations. Success lies in navigating the broader environment for long-term success."

Carol: "In my view, we should concentrate on internal resources and capabilities as the primary drivers of competitive advantage. Identifying and leveraging unique resources will allow us to gain a sustainable competitive edge."

Michael: "From my point of view, all this planning makes no sense at all. looking back, we realize that we were only able to implement part of our original strategy and we had to be flexible in responding to new developments."

The CEO is surprised by the diverse perspectives of the managers and wonders how to develop a holistic and effective strategic approach. Can these views coexist and complement each other in the complex landscape of strategy development? As a strategy consultant, he seeks your advice.