Strategy
Introduction
Organizations always face the challenges of dynamic business environment. In 21st century, the environment has become more dynamic and unpredictable. The changing business environment requires strategic thinking in companies to develop good corporate strategies. Only when developing effective strategies, corporate can remain the competitive position. By creating strategy, organization can remain the competitive advantage which other companies are unable to implement. Corporate strategy is not only for large firms but also for small business. However, there is a quotation suggests that “Strategic management is nothing more than a set a o myths, parables and homilies that give senior management a feeling of comfort that they can control the destinies of their organizations. It has neither theoretical substance nor empirical content and is delusional in its intention. The future is not only unpredictable it is also unknowable”. This assignment shall argue the citation by considering different factors. First, the assignment will identify the meaning of strategy and it does matter. And then the essays will have brief discussion of industry matter for the performance of an organization. Finally, the assignment will draw conclusion through the relevance of strategy in management practices.
1. What is strategy and does it matter?
There are many ways to define strategy by various researchers. Henry Minzberg (1971) defines “Strategies are both plans for the future and the patterns from the past”. According to Johnson and Scholes (2005), strategy as follows: "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations". Porter (1996) defines that strategy is about being different. It means organizations needs to deliver unique value by intentionally
Organizations always face the challenges of dynamic business environment. In 21st century, the environment has become more dynamic and unpredictable. The changing business environment requires strategic thinking in companies to develop good corporate strategies. Only when developing effective strategies, corporate can remain the competitive position. By creating strategy, organization can remain the competitive advantage which other companies are unable to implement. Corporate strategy is not only for large firms but also for small business. However, there is a quotation suggests that “Strategic management is nothing more than a set a o myths, parables and homilies that give senior management a feeling of comfort that they can control the destinies of their organizations. It has neither theoretical substance nor empirical content and is delusional in its intention. The future is not only unpredictable it is also unknowable”. This assignment shall argue the citation by considering different factors. First, the assignment will identify the meaning of strategy and it does matter. And then the essays will have brief discussion of industry matter for the performance of an organization. Finally, the assignment will draw conclusion through the relevance of strategy in management practices.
1. What is strategy and does it matter?
There are many ways to define strategy by various researchers. Henry Minzberg (1971) defines “Strategies are both plans for the future and the patterns from the past”. According to Johnson and Scholes (2005), strategy as follows: "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations". Porter (1996) defines that strategy is about being different. It means organizations needs to deliver unique value by intentionally