The following paper will explore the concept of business strategy, and why it is important in business management today. To do this we will explore how the meaning of strategy has evolved over time. As well as defining how strategy differs to operational issues, and what implications this has for managers. Building on this we will discuss how strategy is able to assist managers and business with coping with uncertainty around activities. Finally, the author will present their personal perspective on strategy, how it comes into being and attempt to concisely define the concept of strategy as it is in the business world today.
Historically strategy is derived from ancient Greek and refers to the way of the general (Kryscynski, 2015), at this …show more content…
We are stating that the two are very different yet linked, requirements of modern business where both are required to succeed. Strategy is essentially the overriding mentality or vision of a business, that guides and defines at a high level the objectives of a business. Operational issues that result from the pursuit or application of this vision fall into the confines of a plan (Slack, 2012). Managers develop these to determine the optimal way for the strategy to be delivered. For managers this means that the formation and implementation of business plans should and must be linked to the strategy of the firm in order for it to be realised. Further adding to the blurred line between a plan and strategy is the concept of emergent strategy that will be discussed …show more content…
To the shifting boundaries that comprise business strategy with the concepts of shareholder and stakeholder capitalism. We have also contrasted the differing views on strategy creation from both designed and emergent strategy, arrive at the view that both is required to afford a firm the opportunity to be able to deliver on its strategic goals. Lastly the author of this paper has defined strategy as being able to determine a vision that allows a one to be able to not only compete in the right arena, in addition to bring to bear the best tools and options it has to be able to achieve victory or
Historically strategy is derived from ancient Greek and refers to the way of the general (Kryscynski, 2015), at this …show more content…
We are stating that the two are very different yet linked, requirements of modern business where both are required to succeed. Strategy is essentially the overriding mentality or vision of a business, that guides and defines at a high level the objectives of a business. Operational issues that result from the pursuit or application of this vision fall into the confines of a plan (Slack, 2012). Managers develop these to determine the optimal way for the strategy to be delivered. For managers this means that the formation and implementation of business plans should and must be linked to the strategy of the firm in order for it to be realised. Further adding to the blurred line between a plan and strategy is the concept of emergent strategy that will be discussed …show more content…
To the shifting boundaries that comprise business strategy with the concepts of shareholder and stakeholder capitalism. We have also contrasted the differing views on strategy creation from both designed and emergent strategy, arrive at the view that both is required to afford a firm the opportunity to be able to deliver on its strategic goals. Lastly the author of this paper has defined strategy as being able to determine a vision that allows a one to be able to not only compete in the right arena, in addition to bring to bear the best tools and options it has to be able to achieve victory or