In this article we attempt to provide some reorientation for the use of the concept of knowledge within management studies. The point of departure is the striking discrepancy between the great importance nowadays attributed to knowledge (knowledge economy, knowledge resources, knowledge societies, knowledge-intensive firms, etc.) on the one hand and the vague and blurring conceptualizations of knowledge on the other hand. Informed by philosophy of science a revised concept of knowledge is suggested that basically draws on communication and reflection. The core idea is that knowledge should be treated as a distinctive term which allows for a differentiation between knowledge and non-knowledge. The suggested concept therefore makes discursive examination a central part of the notion of knowledge. In the final part we attempt to demonstrate the possible benefi ts of such re-orientation by analysing both its theoretical and practical implications. Copyright © 2007 SAGE.