Although these black swan events differed in their specifics, two common features are
pertinent to our study of strategic management.19 First, these events demonstrate that managerial
actions can affect the economic well-being of large numbers of people around the globe.
The second pertinent feature relates to stakeholders—organizations, groups, and individuals
that can affect or be affected by a firm’s actions.20 This leads us to stakeholder
strategy, which we discuss next.