Top executives today are faced with a dilemma. A central fact of business life is the increasing rapidity of change: in markets, products, technology, information handling, managerial practices, stockholder attitudes, etc. Yet the traditionally successful way to operate a business is to avoid change. Operating management has made its money by repetitive action. Efficiency is in- creased by producing and selling the same products in the same way to the same customers, year after year. The proper strategic management of major changes-those which will have a significant impact on the total organization and its results -calls for distinctive conceptual planning and corporate development inputs. The authors contrast the objectives and functions of strategic management with the objectives and functions of operating management, and, in light of this, go on to suggest certain uncommon ways of organizing and operating a business enterprise.