Knowledge management is rarely found in a strategy context. Although some companies already have introduced the role of a chief knowledge officer, knowledge management is not treated as a strategic endeavour. Furthermore, contributions from an academic point of view are scarce in the field of the strategic issues of knowledge management. This paper contributes with some insight in pointing out the strategic question that knowledge management might provide answers for: The efficiency issue of stategic positioning. Furthermore, the paper emphasises the distinction between symmetric and asymmetric incentives in business relations, and on this basis identifies the notion of Distributed Knowledge Management as a means for creating efficiency strategies with symmetric incentives in business relations. In this way a strategic agenda for knowledge management is identified.