Strategy is in itself the ideas, decisions and actions that enable a firm to succeed in the long and short run. It is their “way” of getting their goals and objectives achieved with core values and beliefs that create an organizational coherence in strategy direction. The strategy is their plan of action that will allow them to succeed better than existing and future competitors. Strategy allows for planning how to tackle threats of the business environment while allowing the organization to recognize new opportunities internally and externally.…
So what is Strategy? Strategy is how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives.…
Strategy is defined in the corporate world as a plan to lead the company to its long-term goals and achievements. Goals and achievements are essentially a way to make sure the business has continued success and meets the demands of the business’ stakeholders. In addition, the strategy would also make sure that the long-term goals would include a return on investment to the shareholders. So the main idea behind a strategic plan is to make sure all goals and achievements are met in an always changing business environment.…
Strategy is the means by which objectives are pursued and obtained over time. It’s the unifying idea that links together the functional areas of an organization. Therefore an organization cannot operate without a strategy. The essence of strategy is in choosing a unique and valuable position rooted in systems of activities that are much more difficult to match by competitors and therefore translating into sustainable profitability for the organization.…
In business, strategy relates to the game plan that is used to achieve all the goals that have been set for the organization. Strategy helps to not only achieve long term goals but also tends to give organizations the tools to achieve and maintain a competitive edge over their counterparts in the industry.…
When you ever engage on something upon difficult task. Strategy is the first step for beginning any major task either work or study you should set or provide a plan for it easy achievement and quicker result.…
The purpose of a strategy is to achieve a certain goal that is going to bring about change to a company or a solution to a problem. Strategy and lLeadership work hand in hand in an organization. Many organizations face dilemmas when it comes to finances, the point and purpose of a strategy is to resolve any issues that may arise without warning. Fairholm has created 4 different ways a company can strategize to eliminate various issues that are common in an organization.…
A strategy is a pattern or plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole.…
There are many devised explanations of strategy and one solid definition is hard to find. Johnson (2005) identifies strategy as 'the direction and scope of an organization over the long term' and also suggests the way a strategy is implemented depends very much on the industry they are in and what the vision is for an organization.…
“What is Strategy?” according to Slack & Lewis (2008, p.5) is a question that “is not easy to answer what seems like a straightforward question”. However, it has to do with setting of goal and planning the path to achieve the goals. According to Johnson, Scholes & Whittington (2008, p.3) "Strategy is the direction and scope of an organization over the long-term”. It exists at different stages or levels in any organization; the corporate, business and the operational (Riley, 2012).…
Today's dynamic markets and technologies have called into question the sustainability of competitive advantage. Under pressure to improve productivity, quality, and speed, managers have embraced tools such as TQM, benchmarking, and reengineering. Dramatic operational improvements have resulted, but rarely have these gains translated into sustainable profitability. And gradually, the tools have taken the place of strategy. In his five-part article, Michael Porter explores how that shift has led to the rise of mutually destructive competitive battles that damage the profitability of many companies. As managers push to improve on all fronts, they move further away from viable competitive positions. Porter argues that operational effectiveness (OE), although necessary to superior performance, is not sufficient, because its techniques are easy to imitate. In contrast, the essence of strategy is choosing a unique and valuable position rooted in systems of activities that are much more difficult to match. Porter thus traces the economic basis of competitive advantage down to the level of the specific activities a company performs. Using cases such as Ikea and Vanguard, he shows how making trade-offs among activities is critical to the sustainability of…
What is strategy? Strategy is the ideas, decisions, and actins that enable a firm to succeed.…
Strategy tells where you are, where you want to go, and how you are going to get there. It defines the overall direction for the business based on opportunity and threats in the external environment and identifies the strengths and weaknesses of the business internally. Strategy provides the big picture and shows how each individual activity ties together to achieve a desired end result. Strategy gives insight as to the way the business should compete in the future.…
Michael Eugene Porter is a Professor at The Institute for Strategy and Competitiveness, based at the Harvard Business School. He is generally recognized as the father of the modern strategy field. One of his great writing is “What is strategy?” published in 1996.…
An approach is to deal with a situation or problem in a particular way. It is also the means by which something is reached. It is the angel form which one views political problems. It is a criteria for searching for the questions to ask. A criteria used to analyze political data. It can be implicit or explicit in what it explains. Some reasons why approaches are used in the study of political science is because it helps us to be more analytical and also helps suggest hypothetical relationships among political forces.…