Monday, 20 January 2014

Strategy

Strategy is a top level plan to attain one or more goals under circumstances of uncertainty.

Strategy is vital as the resources obtainable to attain these goals are generally inadequate.

Strategy is also about achieving and continuing a position of benefit over opponents through the consecutive exploitation of known or budding possibilities rather than committing to any precise fixed plan designed at the beginning.

Henry Mintzberg from McGill University described strategy as "a pattern in a stream of decisions" to compare with a view of strategy as planning while Max McKeown argues that "strategy is about shaping the future" and is the human attempt to get to "desirable ends with available means".

Tuesday, 5 March 2013

Strategy

Strategy is a general, undetailed plan of action, encompassing a long period of time, to achieve a complicated goal. Strategy, as a way of action, becomes necessary in a situation when, for the direct achievement of the main goal, the available resources are not enough. The task of strategy is an efficient use of the available resources for the achievement of the main goal. Tactics is the tool to implement strategy, and is subordinated to the main goal of strategy. 

Detailing it further, strategy is all about gaining a position of advantage over adversaries or best exploiting emerging possibilities. As there is always an element of uncertainty about the future, strategy is more about a set of options than a fixed plan. Henry Mintzberg from McGill University defined strategy as "a pattern in a stream of decisions" to contrast with a view of strategy as planning while Max Mckeown argues that "strategy is about shaping the future" and is the human attempt to get to "desirable ends with available means".

Friday, 13 July 2012

Strategic planning

Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue a particular course of action. Generally, strategic planning deals with at least one of three key questions:
"What do we do?"
"For whom do we do it?"
"How do we excel?"
In many organizations, this is viewed as a process for determining where an organization is going over the next year or—more typically—3 to 5 years (long term), although some extend their vision to 20 years.

Tuesday, 20 September 2011

Strategic management

Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.
Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency." According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context." Strategic management includes not only the management team but can also include the Board of Directors and other stakeholders of the organization. It depends on the organizational structure.

“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.” (Lamb, 1984:ix)