Strategic frameworks and tools of analysis have been the subject of much academic debate over the last 20 years. This paper reviews the main approaches to strategic management and, by presenting the results of a survey of 159 small and medium sized enterprises selected from both the service and manufacturing sectors, demonstrates a divide between the theoretical concepts and the practical realities of strategic planning. While there are strong indications of business planning among the organisations surveyed, there is less evidence of strategic thinking except among larger businesses. Even in this latter group there are only a few instances where the recognised tools of strategic management appear to play a role in planning, the exception being internal financial analysis, which is widely undertaken.

Competitive success is governed by an organisation's ability to develop new knowledge assets that create core competences. While these exist in many forms, organisational learning is an integral feature of any learning organisation that exploits its knowledge resources to generate superior performance. This paper explores the ideas and links between organisational learning and knowledge management, making reference to a number of sectors and companies, and specifically the airline industry, arguing that the culture, structure and infrastructure of an organisation are essential elements that facilitate and nurture learning. As a consequence, core competences are built and developed within the learning organisation which, in turn, contribute to its competitive success.

Strategic management is constantly evolving as both an academic discipline and as a reflection of management practice. This article, based on a recent interview with Michael Porter, assesses his contribution to the development of the discipline in the context of the advances that have taken place since the publication of his seminal work Competitive Strategy in 1980. The authors conclude that Porter has made major lasting contributions to strategy, increasing both its academic rigor and its accessibility to managers. The article and interview place Porter's work at the center of the development of strategic management in terms of the provision of practical analytical frameworks, transforming it into a recognized and recognizable field of academic study and management practice. This feat of transformation has not been equaled before or since, so that 25 years after his first seminal contribution, Porter's work continues to provide remarkable insights into the nature of competition and strategy.

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.Abstract Core competences, emanating from an organisation and that provide distinctive benefits to customers, are commonly viewed as the basis of competitive advantage. While these exist in many forms, the role of individual and organisational knowledge is increasingly important in the formation of knowledge-based core competences. This paper explores the ideas of knowledge management, making reference to a number of sectors and companies, and specifically the airline industry, arguing that the culture, structure and infrastructure of an organisation are integral elements that facilitate and nurture learning. As a consequence, competences are built and developed within the "intelligent" organisation, which in turn, contribute to its competitive success. PEIJ 7,5 132 which continues to adapt to a highly competitive global environment by its innovative use of information within a knowledge based culture.