Essay on Major Theories, Frameworks, Techniques, and Applications
What is Strategy?
A majority of our course centered on the seemingly simplistic question: What is strategy? Strategy is one of those words that several individuals know, but cannot necessarily define; I was one of those individuals prior to this course. Strategy is about positioning an organization in a way that is competitively advantageous and can deliver long-term, sustainable, and superior results. This ranges from making decisions based on which industries to participate in, what goods and services to offer, and how to allocate resources most efficiently. Strategy is different from tactics because it is a long-term approach to achieving a broader goal, whereas tactics are …show more content…
Porter’s Five Forces Porter’s five forces model is widely used to analyze an industry. It can be used to assess potential profitability, the degree of industry attractiveness, and the degree of competition. The model is comprised of the following forces:
• The threat of entry: an industry becomes less competitive if the barriers to entry are high, so it is in the best interest of the firms currently in an industry to try to prevent new firms from entering. Threats to new entry may include time,