This chapter describes and discusses how the notion of network pictures would contribute to the literature on management cognition. Network pictures, as conceptualized in business-to-business marketing, refer to managers’ sensemaking of the context and put focus on the interconnectivity among firms, along with managers’ subjective idea about what parties would be relevant for the firm. A systematic literature review on network pictures shows that network picture research focuses on how managers may have difficulties comprehending parties beyond present business partners, while the theoretical conceptualization emphasizes interdependences and prioritization and reprioritization among relevant parts of the limitless network. These latter ideas add to current research on managerial cognition. They do so through introducing a different notion of the context – or environment – and thereby raising the awareness of its complexity. Albeit the network picture literature focuses on how managers’ network pictures affect their strategizing in the network, the core idea entails how reactions and partners strategizing in parallel describe an ever-changing context but not the less important for any manager to comprehend.