What is strategy?

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12/09/2013 10:55 AM

What is strategy?

http://www.tutor2u.net/business/strategy/what_is_strateg...

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What is Strategy
Author: Jim Riley Last updated: Sunday 23 September, 2012 Overall Denition: Johnson and Scholes (Exploring Corporate Strategy) dene strategy as follows: "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its conguration of resources within a challenging environment, to meet the needs of markets and to full stakeholder expectations". In other words, strategy is about: * Where is the business trying to get to in the long-term (direction) * Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope) * How can the business perform better than the competition in those markets? (advantage)? * What resources (skills, assets, nance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)? * What external, environmental factors aect the businesses' ability to compete? (environment)? * What are the values and expectations of those who have power in and around the business? (stakeholders) Strategy at Dierent Levels of a Business Strategies exist at several levels in any organisation - ranging from the overall business (or group of businesses) through to individuals working in it. Corporate Strategy - is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily inuenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a "mission statement". Business Unit Strategy - is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc. Operational Strategy - is concerned with how each part of the business is organised to deliver the corporate and business-unit level strategic direction. Operational strategy therefore focuses on issues of resources, processes, people etc.

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Related study notes Strategic Models & Analysis Boston Matrix Benchmarking Competitor Analysis Core Competencies Five Forces Model GE Industry Matrix McKinsey Growth Pyramid PEST Analysis Strategic Audit SWOT Analysis Value Chain Analysis Strategic Planning What is Strategy? Competitive Advantage Mission Objectives Strategy and Marketing Strategic Resources Vision Balanced Scorecard Introduction Balanced Scorecard Perspectives Managing Change Introduction Force Field Analysis (Lewin) Resistance & Barriers Implementation Corporate Social Responsibility Corporate Social Responsibilty - Introduction Corporate Social Responsibilty - Issues Risk Management Introduction Risk Management Planning & Action Global Business Introduction Competitiveness Global Strategy Globalisation Stakeholders Introduction Interests and Power Economic Environment Economic Growth Business Cycle

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www.mountainview.co.uk Evidence-based marketing & strategy Using psychology for brand growth How Strategy is Managed - Strategic Management In its broadest sense, strategic management is about taking "strategic decisions" - decisions that answer the questions above. In practice, a thorough strategic management process has three main components, shown in the gure below:

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