Abstract-The objective of this work is to investigate the content analysis methodology in the strategic propensity such as explorative/exploitative behavior. After theoretical analysis on the meaning and definition of exploitation and exploration, the authors have applied the content analysis methodology to a practice case. The conclusion is that the qualitative content analysis is a good methodology to study the strategy propensity having the same results of the other methodologies used in the strategy researches such as practice case and grounded theory.