The purpose of this integrated essay is to examine strategy, strategic planning, strategic intent and compare and contrast conventional strategic planning concepts with those of strategic intent thinking. The paper will also examine how the differences in conventional strategic planning and strategic intent thinking concepts can lead to a better business strategy practice.
The world is growing fast, and these bring a lot of challenges for the many multinational corporations that try to fulfill the needs of the growing population, by doing so, companies have to compete with one another for the limited resources. Globalization has opened the doors for tougher competition among companies all over the world. For a company to succeed, it has to have a winning strategy for it to have a competitive advantage over its competitors. Description of Theories/Core Concepts
Successful companies have to be able to understand the need of their markets and be able to drift a plan to meet those needs in a competitive way so as to have an edge over its competitors; this planning is term strategy. The businessdictionary.com (2013) describes a strategy as a blueprint selected to achieve a set outcome in the future such as meeting a goal or solving a problem. For companies to rise to the top of their industry they have to differentiate themselves from the other companies, they must have a competitive advantage over their competitors. Some companies in the industry prefer to copy or imitate others instead of building their own strategy in the hopes of gaining some market shares. Hamel and Prahalad (2005) suggested that strategic intent includes notions such as adaptability, flexibility, creativity, commitment, and learning, and any company that utilizes these concepts will surely differentiate itself from the others in the same industry. Strategic intent is to prudently size the risks related with innovation and to use it to place the organization in a competitive...
References: Business Dictionary (2013). Strategy. Retrieved from http://www.businessdictionary.com/definition/strategy.html
Hamel, G., & Prahalad, C. K. (2005). Strategic intent. Harvard Business Review, 83(1)7–8.
Harvard Business School Press. (2005). Strategy: Create and implement the best strategy for your business. Boston, MA: Author
Lenz, R.T. (2001). Managing the evolution of the strategic planning Process. Business Horizons, 30(1), 6–34
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