The central purpose of the current paper is to perform a naturalistic investigation of strategic intuition. To that purpose, ethnographic interviews were conducted along with literature review of previous researches on mental simulations and strategic intuition. It was found from a set of nine managerial decisions during the period of five years that business management actually appealed to strategic intuition to make decisions in unclear situations. A set of eight research hypotheses were extracted to develop theories of strategic intuition. Strategic intuition is a real phenomenon beyond mental simulation, arises in a unique decision-making process, and also differs from professional insight. Considering that business theories are indicative of accumulated incidents, the present research is expected to shed light on a new direction and method of investigation of strategic intuition.