In many industries, including telecommunications, transportation, and energy as well as chemicals and food and beverages, firm performance and success largely depend on external factors. The main levers for profitability in those industries are heavily influenced by regula- tory actors who impact strategic choices of corporate management. Despite this fact, strategic management research has traditionally focused on market strategies and related questions of how to position the firm, which customers to select, what products and services to offer, and how to design the organization to support those market strategies. Questions of how to manage regulatory involvement have been left.
