When business leaders sit down to develop strategy, what really happens is a "framing" contest, says professor Freek Vermeulen of the London Business School. "In strategy meetings," he says, "people try to convince each other by painting a mental image of the future; what would happen if they'd continue as is, and what could happen if they'd follow the course of action proposed by them." It's not a bad way to do business, he says.

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