One common way of conceptualising recent changes in university governance is by stating that the universities are being pushed towards a market-like setting where the uniqueness of each university's strategy and capacity for introducing organizational change is seen as necessary to improve the functioning of the university. We argue that the strategic functioning of the university is conditioned by the extent to which key decision makers, in the strategic decision-making process, share interpretations of the university's strategic advantages and hence have a coherent view of the strategic choices to be made. Our discussion is based on an analysis of a unique survey among principal decision makers at 26 universities in 8 countries in Europe.