The Myth of Many

As the name suggests, the myth of many is the exact opposite of the myth of one but leads to similar strategic shortcomings. In this case, managers often erroneously assume that strategies that have worked for a large number of other firms will also work in their specific case. Consequently, they herd toward a common strategy that others are apparently following successfully. For example, many have boarded the outsourcing bandwagon just because everyone else was doing so, and it appeared to be the right thing to do. Similarly, many have pursued customer loyalty–driven or brand portfolio rationalization–driven strategies because a large number of others did so. Once again, what we find missing is the due diligence to examine specifically whether the same strategy that apparently worked for many others will work similarly in one’s own specific circumstance and to what extent.