Business Strategy And Strategic Decisions

‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

Strategy: an organizations long term course of action designed to deliver a unique customer experience while achieving its goals.

Harberber and Rieple (2008) define strategy as a set of intentional or inadvertent set of actions through which an organization develops the required set of resources, efficiently target valuable customers, meet financial targets and competes effectively. These strategic decisions drive the long-term direction of the organization, the scope of its activities, help gain advantage over competitors, and address changes in the business environment.

Strategy: Johnson et al (2005, p9) argues, "Strategy is the direction and scope of an organisation over the long term, which achieves an advantage in a changing environment through its configuration or resources and competences with the aim of fulfilling stakeholder expectations."

In this assignment I am going to discuss about how to develop good strategy for an organization. Strategy means, plan of action designed to achieve a long-term or overall aim. Strategic planning identifies where the organization wants to be at some point in the future and how it is going to get there. The "strategic" part of this planning process is the continual attention to current changes in the

There is no exact definition for Strategy because it is defined in different ways as some people think that make a plan to get success in future is a strategy while others think that future is hard to predict. Exceptionally, some Japanese companies have no strategies though these companies have a good cost and continuous improvement. The definition for strategy is to explain the direction and scope of any company for the long term to achieve advantage for the company or to fulfill the needs and expectations. Strategy is different from Operational effectiveness and they work in different manner in the companies. Michael Porter, who is a professor at Harvard Business School and a strategy expert, says that it should determine how organizational resources and skills should create advantage. Accordingly, Strategy can also be defined as an organizational change during actions in the organizations for better and advantageous results or to determine how we win and get success in the future period. It is a needful developed plan with respect to market to compete the world. Organizations should be responsible for competitive changes according to the market. It is the main goal for any Organizations. Business/IT strategy is very important to know the success rate of your business. Apart from Business Strategy, the other two main types of strategy are Corporate Strategy and Team Strategy. These strategies give competitive advantage of cost leadership, differentiation and focus. The

Change is said to be the only constant thing. This principle holds true even in business, as work environment, operations, and conditions are bound to change sooner or later. This may be cause by internal or external factors. In business, strategic management helps businesses in tackling changes. It comprises of three connected steps, ending up in strategy evaluation.

Changing circumstances and ongoing management efforts to improve the strategy cause a company 's strategy to evolve over time—a condition that makes the task of crafting a strategy a work in progress,

Strategy as explained by Johnson, Whittington and Scholes, 2012, pt2 is ‘’ the long term direction of the organisation. In addition Chandler, 1962, pt3 states ‘’ the long run goals and objectives of an enterprise and the adoption of courses of an action and the allocation of resources necessary for carrying out these goals. The authors state that a business creates its own strategy, in a way that will be best suitable for the accomplishment of their targets. The organisation has to find a way to handle their resources over a period of time, such as raw materials, in order to get the highest result of value they can. Strategy is a very crucial sector in an organisation. It needs time to be conducted but if it is done correctly it will help the organisation to get to the nearest end result of their goals. Strategies and goals are linked together. Both have a vision ahead of them. The vision of a better and more reliable organisation. Strategy, is the actual definition of the process of how a goal of a business will be achieved.

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.

“Strategy is the matching of the activities of an organisation to the environment in which it operates and to its own resource capabilities” (Johnson, Scholes and Whittington, 2008)

Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.

Johnson, Scholes and Whittington (2005, p. 9) define strategy as the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competencies with the aim of fulfilling stakeholder expectations. Strategy is therefore the long term direction of an organisation.

A strategy is an expansive based equation for how a business is going to contend, what is objectives should be, & what arrangements & approaches will be obliged to do those objectives (Porter, 2008).