The Executive Guide to Strategy 
BUSSucks1001
Strategy
What is strategy?
Strategy is 'a linking process between environment and organisation variables'. It contains a number of interrelated elements composed of analysis of internal and external environments.
It is a game plan of goals, actions, monitoring and evaluation to achieve the company's ultimate vision and mission.
Vision
* where we want to be
Mission statement * how to get there and why
* Approaches to Strategy
1. Rational approach a. strategy formulation is portrayed as a scientific and rational process, assisted by analysis tools. eg. SWOT, Porter's 5 Forces b. assumes that information is readily available and accurate assessment can be made c. decision-making might be difficult due to imperfect information d. same information are often collected by rival companies, resulting in similar strategies
2. Flexible approach e. recognises the need to adapt to the constantly changing environment f. scenario planning due to complexity and volatility of the environment g. maximise chances of survival and efficiency
3. Creative approach h. stresses on the importance of imagination in the strategic process i. offers more chance of achieving competitive advantage j. the more complex and changing the business environment, the more creativity needed
4. Behavioural approach k. outcome of negotiations within the business l. negotiations take place between competing faction within management m. likely to be satisfactory rather than seeking to maximize results
5. Incremental approach n. emergent based on organisational environment o. strategies continually being changed in accordance to the changing environment p. no carefully planned strategy
Internal, External & Internal + External Strategic Analysis Tools
* Customer value proposition * 'all benefits customers can
Strategy
What is strategy?
Strategy is 'a linking process between environment and organisation variables'. It contains a number of interrelated elements composed of analysis of internal and external environments.
It is a game plan of goals, actions, monitoring and evaluation to achieve the company's ultimate vision and mission.
Vision
* where we want to be
Mission statement * how to get there and why
* Approaches to Strategy
1. Rational approach a. strategy formulation is portrayed as a scientific and rational process, assisted by analysis tools. eg. SWOT, Porter's 5 Forces b. assumes that information is readily available and accurate assessment can be made c. decision-making might be difficult due to imperfect information d. same information are often collected by rival companies, resulting in similar strategies
2. Flexible approach e. recognises the need to adapt to the constantly changing environment f. scenario planning due to complexity and volatility of the environment g. maximise chances of survival and efficiency
3. Creative approach h. stresses on the importance of imagination in the strategic process i. offers more chance of achieving competitive advantage j. the more complex and changing the business environment, the more creativity needed
4. Behavioural approach k. outcome of negotiations within the business l. negotiations take place between competing faction within management m. likely to be satisfactory rather than seeking to maximize results
5. Incremental approach n. emergent based on organisational environment o. strategies continually being changed in accordance to the changing environment p. no carefully planned strategy
Internal, External & Internal + External Strategic Analysis Tools
* Customer value proposition * 'all benefits customers can