business strategy
BE 431
Business Strategy
On the meaning of strategy from different theories and perspectives
Introduction
Strategy, originated from the ancient art of war, refers to the planning made on the basis of the analysis of the whole war situation. Moreover, under the influence of Ansoff’s Strategy for Diversification, strategy has begun to be widely used in economic management and many other areas including society, education, science and technology, and etc. (Johnson, et al, 2012). The widespread use of strategy illustrate that both theoretical circle and business circle have fully realized the importance and value of strategy. It cannot be denied that scholars have reached an agreement on the importance of strategy, but they do not reach a consensus about the definition of strategy. Until now, there are numerous kinds of definitions on strategy. Strategy always differs from situation to situation or from industry to industry. Even Michael Porter as a management guru does not clearly define what strategy means in his work “What is Strategy?”, though he repeatedly mentioned the concept of strategy. Based on the debate on the definition of strategy, the purpose of this essay is to critically discuss what strategy means by drawing from different theories and perspectives. To be specific, the main body of the essay will discuss the meaning of strategy through comparing the strategic perspectives of different scholars. Following this, it will come to a short conclusion in terms of above discussion.
Meaning of strategy
Strategy was firstly used for military purposes and has already had a history of over 2,000 years until now. With the deepening of industrial revolution, the concept of strategy in the United States has gradually been applied to business field. It is understood that the application of strategy in market and enterprises has been not popular until 1960s in the United States. Chandler as one of famous
Business Strategy
On the meaning of strategy from different theories and perspectives
Introduction
Strategy, originated from the ancient art of war, refers to the planning made on the basis of the analysis of the whole war situation. Moreover, under the influence of Ansoff’s Strategy for Diversification, strategy has begun to be widely used in economic management and many other areas including society, education, science and technology, and etc. (Johnson, et al, 2012). The widespread use of strategy illustrate that both theoretical circle and business circle have fully realized the importance and value of strategy. It cannot be denied that scholars have reached an agreement on the importance of strategy, but they do not reach a consensus about the definition of strategy. Until now, there are numerous kinds of definitions on strategy. Strategy always differs from situation to situation or from industry to industry. Even Michael Porter as a management guru does not clearly define what strategy means in his work “What is Strategy?”, though he repeatedly mentioned the concept of strategy. Based on the debate on the definition of strategy, the purpose of this essay is to critically discuss what strategy means by drawing from different theories and perspectives. To be specific, the main body of the essay will discuss the meaning of strategy through comparing the strategic perspectives of different scholars. Following this, it will come to a short conclusion in terms of above discussion.
Meaning of strategy
Strategy was firstly used for military purposes and has already had a history of over 2,000 years until now. With the deepening of industrial revolution, the concept of strategy in the United States has gradually been applied to business field. It is understood that the application of strategy in market and enterprises has been not popular until 1960s in the United States. Chandler as one of famous
References: Andrews, K. R. (1980) The concept of corporate strategy, Illinois: Richard D. Irwin Inc. Ansoff, H. I. (1965) Corporate strategy: An analytic approach to business policy for growth and expansion, New York: McGraw-Hill. Barney, J. (1991) Firm resources and sustained competitive advantage, Journal of Management, 17(1): 99-120. Chandler, A. D. (1962) Strategy and Structure: Chapters in the History of the Industrial Enterprise, Cambridge: M.I.T. Press. Camillus, J. C. (2008) Strategy as a wicked problem, Harvard Business Review, 86: 98-101. Johnson, G., Scholes, K. and Whittington, R. (2012) Fundamentals of strategy, Harlow: Pearson Education. Mintzberg, H. (1987) The strategy concept: Five P’s for strategy, California Management Review, 30(1): 11-24. Mintzberg, H., et al. (1998) Strategy safari: A guided tour through the wilds of strategic management, New York: The Free Press. Mintzberg, H Porter, M. (1996) What is strategy? Harvard Business Review, November-December, 61-78. Whittington, R. (2001) What is Strategy- and does it matter? 2nd edition, Ferdinnand Pageworks, London: Pat Bond.