It is the means by which objectives are deliberately followed & obtained over the time. The word “strategy” has been originated from the Greek word stratçgos, that has been derived from two words that are "stratos" (denoting army) & “ago” (denoting leading/moving/guiding in Greek).
We can also describe strategy as the determination of the basic long term objectives & goals of an organization & the implementing the course of action & the allocation of resources which are required for fulfilling these goals (Mintzberg & Waters, 2005).
In an organization, strategies exists are several levels, ranging from the overall business (or group of business) through to personnel working in it.
The success of any of the good organization is grounded on the measures which are placed out by the various stakeholders in the organization. In an organization, business strategy is vital for achieving the set objectives. In a marketable setting, the key aims usually revolve around gaining huge profits, expanding & growing & most prominently, diversifying. These goals must be attained for having a successful business in any prosperous industry (Grant, 2008).
In order to compete healthily in the market, many business strategies can be utilized by existing & new ventures. Most organization that have captured the market generally have a history of excellent functional strategies which have been set & adhered strictly. Hence, it is crucial that once the strategies have been drawn & enacted, the measures are entered into the system and are implemented (Burns & Stalker, 2008).
There are number of sources from where the strategies can be gained & put into use. The major route is through educational systems. There are management courses available for the students from where they can grasp the knowledge on various commercial factors which are necessary for success. They are all open to various career aspects & skills like branding, team building, marketing, etc. which impact the day to day operations of any organization.
Moreover, there are other platforms such as internet sources & enterprising conferences & talks, by which a lot of information exchanges can take place, highlighting various factors encountered in the business world. There are numerous issues which are discussed on these platforms such as entrepreneurship & communication skills, and also management & accountability skills which are very important to successfully run a business.
There are various governing authorities across the world which ensures that these strategies are ratified & achieved via numerous support options, offering moral & financial support. These governing authorities also organize numerous workshops & seminars for the business entrepreneurs to shape their skills, knowledge & expertise, all these elements are important to successfully run any business. These business strategies have done a credible job in safeguarding the success of many business organizations (Quigley, 2004).
This tool is used to analyse the internal weaknesses & strengths of the organization, & also the external threats & opportunities to the business. The key motive of doing SWOT analysis is to discover the strategies which match, fit or align with capabilities & resources of the organization to the demand of the organization in which the business competes. The motive of the strategic alternatives produced by SWOT analysis should be developed on the strengths of the company to exploit the opportunities & lessen the threats to precise weaknesses of the business (Freeman, 2004).
The tool is used to scan the external macro environment where the business functions. These factors can be determined in terms of the below stated aspects:
PEST framework is applied to analyze the macro environmental factors. A PEST analysis fits into complete environmental scan (Harrison, 2002).
Political factors consist of legal issues & government regulations. And both these factors involve informal & formal rules under which the business operated. Few of the political factors comprises environmental regulations & laws, political stability, tax policies, level of corruption & trade restrictions & trade tariffs.
Economic factors impacts the potential customers purchasing power & the capital cost of the organization. Some of the economic factors include interest rates, economic development, exchange tariffs & inflation rates.
Social Factors comprises of demographic & cultural aspects of the external macro environment. The social factors impact the needs & size of the potential market. Some of the examples of these social factors consist of growth rate of population, health consciousness, career attitude, age distribution & emphases on safety technological factors.
Technological factors help the organization in lowering the entry barriers, persuading outsourcing decisions & dropping minimum efficient level of productivity. Technical factors consist of factors such as automation, technological incentives, rate of technological changes and research & development activities (Daft, 1998).
In today’s world, the top management faces many composite strategic challenges. The strategic management consists of the analysis of internal & external environments, formation & implementing of its strategic plan & strategic control. The steps mentioned in the process are related to each other and always done simultaneously in most of the organizations. An organization’s strategy sometimes needed some modifications before it can be completely implemented because of the continuous changes in organizational & environmental conditions. As the environmental and organizational changes are most of the times very hard to predict, changes made substantially in the environment are can transform company’s realized strategy into a strategy which is very much different from the intended strategy(Mintzberg, 2005).
Ansoff, H I (2007) Corporate Strategy – an analytic approach to business policy for growth and expansion, Boston: McGraw-Hill
Burns, T. and Stalker, G.M. (2008), The Management of Innovation. London: Tavistock.
Daft, R. (1998), Organizational Theory and Design. New York: West Publishing.
Freeman R E (2004) Strategic Management : a Stakeholder Approach London: Pitman
Grant, R.M. (2008), Contemporary Strategy Analysis. Oxford: Blackwell Publishers.
Harrison R (2002) Understanding Your Organisation’s Character. Harvard Business Review 50 (23) 119 – 123) Hofer CW and Schendel D (1979) Strategy formulation: analytical concepts St Paul: West
Mintzberg, H. (1997). The strategy concept I: Five Ps for strategy. California Management Review, 30(1), 11–24.
Mintzberg, H., & Waters, J. A.(2005). Of strategies, deliberate and emergent. Strategic Management Journal, 6, 257–272.
Wells, K. (2002). Floating off the page: The best stories from the Wall Street Journal’s middle column. New York: Simon & Shuster. Quote from page 97.
Quigley, J. V. (2004). Vision: How leaders develop it, share it, and sustain it. Business Horizons, 37(5), 37–41
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