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What is Strategy?
Strategy is an orientation toward specific goals or objectives. Strategy is carried out through a plan of organized actions. Developing a strategy or strategic plan involves research and planning.
Back to: STRATEGY, ENTREPRENEURSHIP, & INNOVATION
Various Components of Strategy
In the simplest terms, strategy is an approach to problem solving which entails the following stages:
- Diagnosis: Identifying the problem or coming up with a problem statement that elaborates on the nature of the goal.
- A Guiding Policy: Ideas, rules, allocation of resources to resolve the problem or inch towards the goal.
- Coherent Actions: Execution of the plans that have been conceived of to address the problem or achieve a particular goal.
Strategy can be further broken down into two main parts.
- Formulation: The Diagnosis and Guiding Policy stages make up the first part of strategizing for a goal.
- Implementation: Setting the plans into motion, executing all the steps leading up to the resolution of the problem or attaining a desired result happens at the Implementation stage.
Academic Research on Strategy
- How competitive forces shape strategy, Porter, M. E. (1989). In Readings in strategic management (pp. 133-143). Palgrave, London. This paper takes a look at the competitive factors that help shape strategy in corporate management.
- Product development performance: Strategy, organization, and management in the world auto industry, Fujimoto, T., & Clark, K. B. (1991). Harvard business school press, Boston, MA. This paper examines Strategic planning and execution in the automotive industry.
- Organizational strategy, structure, and process, Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Academy of management review, 3(3), 546-562. This paper focuses on Organisational Strategies, their impact on the structure and operations of the organisation.
- Strategy and the Internet, Porter, M. E., & Michael; ilustraciones Gibbs. (2001). This paper takes a look at the phenomenon of Strategising in the era of the internet.
- Patterns in strategy formation, Mintzberg, H. (1978). Management science, 24(9), 934-948. This paper sheds light on the repetitive patterns that exhibit themselves in the formulation of a Strategy.
- The strategy of ecosystem development, Odum, E. P. (1966). science, 164(262.270). This paper walks the reader through the Strategic phase of developing an ecosystem.
- Strategic factor markets: Expectations, luck, and business strategy, Barney, J. B. (1986). Management science, 32(10), 1231-1241. This paper takes a look at external factors like market forces, luck, etc., that play an important role in business strategy formulation and execution.
- Towards a dynamic theory of strategy, Porter, M. E. (1991). Strategic management journal, 12(S2), 95-117. This paper charts the progress of the study of Strategy and the move towards dynamic strategising.
- The strategy concept I: Five Ps for strategy, Mintzberg, H. (1987). California management review, 30(1), 11-24. This paper explains the five Ps of strategic concepts - Plan, Pattern, Position, Perspective, and Ploy.
- The strategy-focused organization, Kaplan, R. S., & Norton, D. P. (2001). Strategy and Leadership, 29(3), 41-42. This paper takes a look at an organisation with a strong focus on strategic management and leadership.
- Strategy in emerging economies, Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. (2000). Academy of management journal, 43(3), 249-267. This paper outlines the deployment of strategic planning in emerging economies.