The Concept Of Business Strategy Is Important In Business Management Today

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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
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A clearly defined and articulated strategy is essential for dealing and coping with uncertainty in modern business. It acts as a guide on how to address challenges or opportunities within the market that may arise. By managers having a depth of understanding around the strategic goals of the business, this will guide their decisions to deliver positive outcomes for the business and not take courses of action that are not in line with the vision of the firm. The inverse is also applicable and if a strategy is either incomplete or out of alignment with the needs of the market or poorly articulated to managers. Decisions will be made will result in the strategy not being realised and ultimately deliver sub optimal results to the …show more content…
It is the view of the author that strategy is still defined as it was by the ancient Greeks and the way of the general. Strategy is about 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 success. The definition of what is victory appears to have evolved in regard to business strategy, as per the shift from shareholder to stakeholder capitalism, expanding the scope of what could be classed as success. Yet the overall goal of determining how best to achieve victory, using the tools and options available still lies at the heart of strategy for

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