Diversity is a multi-billion-dollar business. Dating back to the pre-Civil Rights era, what scholars now call discursive strategy–the language and meaning that shape phenomena–has shaped the diversity landscape. Over the past 75 years, we have witnessed a pattern of strategic maneuvering of the discursive strategy concerning diversity from the Civil Rights Act of 1964 to the Equal Employment Opportunity Commission (EEOC) of the 1970s to affirmative action (1980s) to diversity management (1990s) to inclusiveness (2000s) and most recently to Environmental, Social and Corporate Governance (ESG). However, in response to reactions from its stakeholders, firms, e.g., Bud Light and Target have been forced to rethink the word choices, and subsequent actions, that reflect its attention to diversity. To frame these issues for strategy research, I propose that firms expand their strategies to include discursive diversity strategy, which I define as word choices among top leadership that reflect the firm's attention to diversity, equity, and inclusion. / Doctor of Philosophy / Diversity is not just a buzzword—it is big business. From the pre-Civil Rights era to today, language and meaning have been pivotal in shaping diversity initiatives. This study examines the evolution of what scholars term "discursive strategy" within the diversity landscape over the past 75 years. We trace a trajectory from the Civil Rights Act of 1964 to the Equal Employment Opportunity Commission (EEOC), affirmative action, diversity management, inclusiveness, and the recent focus on Environmental, Social, and Corporate Governance (ESG). Recent events, such as reactions from stakeholders, have prompted firms like Bud Light and Target to reassess their word choices and subsequent actions regarding diversity. This research proposes a novel framework for strategy analysis: discursive diversity strategy. This framework expands traditional strategy models to include top leadership's language and word choices, reflecting a firm's commitment to diversity, equity, and inclusion. Through a qualitative analysis of corporate communications and actions, we explore how firms strategically position themselves in the discourse surrounding diversity. Our findings suggest that firms' discursive diversity strategies reflect not only their internal policies but also deeply intertwined with their external reputations and stakeholder relationships. Understanding the nuances of a discursive diversity strategy is crucial for firms seeking to navigate an increasingly complex and diverse business landscape. By adopting a more comprehensive approach that considers words and actions, firms can better align their diversity initiatives with broader organizational goals and societal expectations.