Why is Theory Important‪?‬ Strategy in Perspective by Indian School of Business (ISB)

Theories are often looked at as something that's far from reality and practice. However, theory does have a very important role to play. Theories are important to structure phenomena that we see and hear around us. 
For managers this also means that the parameters of the theory can be altered to gain more insights into the appropriateness of their managerial actions.