Essay on What Is Strategy

Lastly, there is also a possibility that competitors will follow our strategy which may ultimately lead to price war, driving overall profit levels down in the industry.

There are a gazillion companies out there, but some stand out. Whether it is because of their popularity, affiliations, history, profile or service, one factor simply makes or breaks a company; it’s strategy management process.

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This paper was conducted as a Discussion Board Post assigned by Professor J. Reinke of: Liberty University, Graduate School of Business, Lynchburg, Virginia 24515.

* Complete all housing design and renovation projects no more than 8% over the established baseline cost or schedule

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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).

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Michael Porter’s article, “What is strategy?” sets to explain that both operation efficiency (OE) and strategy are required for reaching superior performance, but further clarifies and emphasizes the misnomer that OE is not strategy.

After reading what precisely the article expounds and analyses, revolution stays as the core of strategy. 'The article 'Strategy as Revolution' clarifies the role revolution plays in the markets and declared ten principles to help a company discover revolutionary strategies and put into practice. All the third kinds of companies mentioned in the article have opportunities to reach what they want, however, the different roles determine the market hierarchy. 'In a growing number of industries, innovation is increasingly disrupting existing patterns of competition(Andersen & Strandskov, 2008),' just like what Gary Hamel (2000) said, the simple phrase, 'Familiarity is the enemy'(Chris Lauer , 2008).

The fourth step into the creation of executable strategies relies in the alignment of resources, purposes, and strategical thinking contemplations into reality. The rationale of this step is to create

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The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business.

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

Organizations successful at strategy implementation effectively manage six key supporting factors :     1.  Action Planning