In this paper we build a multi-level theory of how organizational performance feedback impacts individual decision-maker cognitions resulting in change of the focus of attention to strategic areas at the Top Management Team level. Specifically, we argue that if performance compares unfavorably to aspiration levels this triggers decision-makers to reconsider current strategies which in turn will lead them to consider different ones. As a result, change in the focus of attention to strategic areas at the Top Management Team level will be observed. Our empirical approach involving a business simulation and repeated questionnaires allowed us to capture the focus of attention of the teams in our study. Moreover, we were able to directly capture their performance feedback evaluation process in great detail.