Basics of Strategy Management
What is Strategy
Strategy is a term that comes from the Greek “Strategia” which means generalship. In the military, strategy often refers to steering troops into position before the enemy is actually engaged. This concept was borrowed from the military and adopted in many organizations whereby a strategy is the pattern or plan that integrates an organization's major goals, policies, and action sequences into a cohesive whole. 1.2
What is Strategy Management
Strategy entered the management literature as a way of referring to entail attention to the objectives of organization in formulating the organization’s future mission in light of the changing external factors and in planning the resources deployment. Therefore, strategy management is a management’s game plan for
Running the business
Strengthening firm’s competitive position
Achieving performance targets
Generic Importance of Strategy and Strategy Management
“A well-formulated strategy helps to marshal and allocate an organization's resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment, and contingent moves by intelligent opponents.” (James Brian Quinn3). All types of businesses require some sort of strategy in order to be successful; otherwise their efforts and resources will be spent haphazardly and likely wasted.
The Group Level Strategic Intent
The group level strategic intent is a vision for all strategic business units (SBU) to pursue. It highlights the approaches and commitment that all staff shall undertake.
Figure 5 – Strategic Intent of (my company) Group
Figure 5 above shows the strategic intent of the organization as a whole. The vision of focusing in high growth markets, such as Asia, Africa and Middle East, is the results of evaluating current and future global economic growth and market stability. Essentially, the...
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