Entrepreneurial School of Thought

According to Meyer, (2010), strategy is the action that company can take to achieve its desired goals. When it comes to a company, thinking can be said to be either long-term or short-term. When translated into action, it is what is called operations or projects. However there are differences between operations and

The three components of a good strategy statement are scope, advantage, and the objective (Rukstad, 2008). Furthermore, strategy statements must begin with the definition of the end that the strategy is trying to achieve (Collins and Rukstad, 2008). Business leaders have been studying the theory of strategy for years with no clear answer on what the definition of strategy is. Most business leaders today tend to think about strategy in many different ways. Furthermore, there are those who believe that if you analyze what is present, anticipate any changes that may occur within the company?s industry; it is only then that one can plan on how the company will succeed in the future. However, the company must still understand that there are those leaders who exist that think planning for the future is too difficult, and they would rather see their strategies evolve organically. Harvard professor and strategy expert Michael Porter, explains how a company?s strategy

Strategy does not stand alone in the organization, as it has been said above, it defines the path to accomplish objectives; so in order to have an strategy the company needs to have a defined mission, vision and objectives. The mission defines what will be achieved and what the purpose of the organization is. The vision is what the organization aspires to be in the future and provides motivation for people to perform at high level. Once the organization has clearly defined who it is and what it wants to become, it needs to establish objectives to measure accomplishments. Here is where strategy interacts, strategy is about decisions and resources that need to happen in order to accomplish mission, vision and objectives.

Put simply, strategy can be described as a given set or course of action(s) adopted by a person or an organization towards the achievement of specific, predetermined goals / outcomes. Mintzberg and Waters (1985) classify organizational strategies as either deliberate or emergent, though some strategies have dual characteristics of both deliberate and emergent (and are therefore aptly termed ‘deliberately emergent’). A strategy can be described as deliberate where the collective vision, goals and / or intention(s) of an organization (in most cases, as determined by its leadership) is articulated as broadly and in as much detail as possible, communicated to the actors (i.e. the employees – those responsible for implementation) within that organization in order to realize a given outcome. On the other hand, strategy can be described as emergent where consistencies arise in the actions / behavior of an organization over a period of time, even though the adoption of such behavior / actions was never explicitly intended; an example of this can occur ‘when an environment directly imposes a pattern of action on an organization’ (p. 258).

In today’s economically turbulent times, every company is trying to be better than its rivals. Every other firm is trying to gain a strategic position in the marketplace which would give them a sustainable competitive advantage, nevertheless temporary competitive advantage over its rivals. With immense competition between the firms who are trying to outperform one another, managers are always under a scanner as it is they who have to come up with a strategic or innovative thinking which will allow the firm to be ahead of competitors in the marketplace. The entrepreneurial perception of strategy makers has a direct influence on corporate entrepreneurial (CE) strategy, which is the strategy that supports new business development and renewal (Startegypaper8). The writers concluded in the paper by saying that since perceptions of managers have a direct influence on the type of strategy, i.e. explorative or exploitative they take, managers are biased towards following one of the paths more often than another in situations or environments that seems familiar, munificent, controllable, uncertain, turbulent or complex to the managers. The traditional ways of enhancing business decisions for marketing, advertising, launching new ventures or products are long gone which included important decisions being taken by top-level managers based on their intuition and instincts. Present times need a drift from those traditional wsays and this is where Business Analytics comes

In this research the topic is “What is Strategy”? If you ask different people to describe strategy, you will get many different answers. Strategy could be a set of goals that you achieve to gain competitive advantage over competitors. Strategy is something a business utilizes to build on to stay in business for a long time. According to Harvard Business Review “strategy is something that set you apart from other businesses” (Michael Porter). This paper will define strategy, also talk about why or why business should develop a strategy. Another eye open statement will address can or should individuals have a life strategy. What strategy means to me is to set goals that you can achieve. Setting goals and utilizing off positive feedback to build a better brand for a business.

This essay is aim looking in-depth at two strategic management theories: intended strategy and emergent strategy. The suitability of the emergent and intended approaches to strategic management and measure the appropriateness of each theory using various academic models in order to consider which approach is suitable for my chosen organization Tesco plc.

(Mintzberg, 1987) suggest that there are five meanings of the term strategy which involve, plan, pattern, perspective, position and ploy which are often seen as an emergent strategy. Firstly, plan which will allow people to achieve their targets from one point towards the other. Secondly pattern goes towards action delivered such as an organisation which uses high quality strategy to market expensive products to maintain standard, quality and supersede competitors. Thirdly perspective is the vision of the organisation which then leads to directions to achieve outcomes that they desire. Fourthly, position which reflects the decisions which affect the organisation and the deliverance of the organisations services and products within the market. Finally, ploy which is similar to a plan but is really just a specific manoeuvre intended to outwit an opponent or competitor.

Strategy is the long term direction of the organisation (Johnson, Whittington and Scholes, 2012). In addition strategy is ‘’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’’ (Chandler, 1962). The authors claim that a business creates its own strategy, in a way that will be best suitable for the accomplishment of its 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.

Strategy is all about planning the next moves, making decisions - how and where to move forward from the current position. In the past, strategy was associated mainly with the military sector, the top chiefs of command were making tactical choices in order to defeat their rivals and achieve victory. In the business sector the purpose of strategy is in principle the same, planning and building a road or path that will lead us to where ever it is we want to be in the future and to overcome all obstacles that might lay on the way. However, there is a difference between those two sectors, soldiers need only to follow orders without seeing or understanding the big picture, while in the

The key ideas presented in the video are: Strategy is not same as goals and tactics, rather it enable organisations achieved their goals by identifying and understanding their capabilities and target markets (Freedman, 2013). Strategy today is being used as a buzz word by business to prove their smartness and acumen. Goals, tactics, objectives and descriptions are small components of an overall business strategy. It is the “art of general” wherein managers and leaders are expected to use their orchestration and vision to identify factors that are hidden to others but will play a very vital role in achieving organisational goals (Ansoff, 2007).

The word Strategy is stand for “A plan to come out of difficulties”. Strategy in business is a careful plan for achieving a particular goal over a long period of time. This is also considered as skill of making out plans to achieve a goal. Strategies are concerned with the scope of a business, what and where they produce. Many people have defined and explained the strategy use different ways.

From my time spent at university, and through research into organizations for projects and assignments; my understanding of an entrepreneurial organization is that it is a simple organizational form that can typically include a single operational unit, with one or a few individuals in top management. It is an organized business-owner group, with regular meetings, sharing information as well as tools for improving businesses. The organization places innovation and opportunitism as its core to ensure it produces economic and social value. In the current competitive climate of the world, it is the organizations that can break through that become an entrepreneurial organization.

“Many writers have emphasized that strategy is the outcome of a formal strategic planning process and that top management plays the most important role in the process. Although this view has some basis in reality, it is not the whole story” (p.11)

Actually is how the company may accurately take the position of its condition, and what the accurate strategy is. Therefore, business strategic model is significanntly required. Strategic management Strategic management is different from strategic planning, in which popular in 1960’s up to 1970’s. Strategic management covers three stages, namely: formulating, implementing, and evaluating stages, whereas strategic planning is only limited to strategic formulation. David (2003:5) defines strategic management as: “the art and science of formulating, implementing and evaluating cross functional decisions that enable an organization to achieve its objectives.” The relative similar definition also found in some other references, such as in Thompson and Strictland (2001:3). Definition of strategy is conveyed by some experts (David, 2003; Hamel and Prahalad in Gibson, 1998; and Grant, R.M., 1991), in which essentially refer to any means to achieve goal. Thus, strategic planning almost always started with “what may be happened”, not from “what happened”. The new market innovating acceleration, and consumers’ pattern change require core competencies. The company needs to find these core competencies in its