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The Definition of a Strategy
Various scholars have produced diverse views on what constitutes a strategy. From the business perspective and integrating the views of various scholars, a strategy can be defined as the determination of long-term objectives and purposes of a given venture. The strategy also involves taking up the courses of action as well as the allocation of resources that would be required to attain the objectives and goals (Grant, 2010).
The key elements in the definition are the long-term goals and objectives as well as the allocation of resources. The elements distinguish the business strategy from the approaches normally applied by the enterprises to attain a particular goal. In fact, the strategy is the overall long-term plan through which resources are allocated to establish a better firm’s position (Grant, 2010).
Strategy as a plan of action
The strategy is the plan of action, the business perspective, the firm’s strategic positioning as well as pattern and direction the firm would like to follow in order to attain the desired objectives (Mintzberg, 2009). The definition is a combination of diverse views and perspectives of a strategy. In essence, a strategy connects highly ranked objectives or the guiding principles with concrete actions (Kane & Lonsdale, 2012). The strategy fills the gap that normally exists between the cause and the results.
As such, short-term strategy can be described as the multifaceted network of considerations, views, approaches, understandings, aspirations, capabilities, reminiscences, discernments and prospects that make available the wide-ranging direction for precise procedures in pursuit of an exact goal (Morrill, 2010). In fact, the strategy is the general framework that offers direction on the kind of actions the business should take and is normally shaped by the very act. In other words, the precondition for formulating a strategy is the acknowledgement of the objective and goals to be attained (Mintzberg, 2009).
In the circumstances that the business lack objectives, there is a likelihood of missed opportunities, disjointed efforts as well as pursuing diverse purposes. Therefore, the strategy is closely linked to the aims, vision and mission of the firm (Smith & Grimm, 2005). In fact, all the decisions involved in the strategy relate to all activities as well as the operations of the firm. The strategy is an efficient and logical way of undertaking the decisions.
Strategy as a source of competitive advantage
The major aim of a business strategy is to achieve a competitive advantage (Kippenberger, 2006). As such, the elements of a successful business strategy include long-term, simple and agreeable objectives, the increased knowledge of the competitive environment and the appraisal of the resources (Grant, 2010). According to Porter, a successful business strategy depends on the ability of the firm to coalesce distinctive values and activities that provide increased competitive advantage (Kippenberger, 2006).
The increased client base is one of the measures for the success of the strategy applied by the firm. Porter argues that the most important consideration in the strategy formulation is the value offering, which is the combination of the unique factors that add value to the clients (Kippenberger, 2006). The strategic position of the firm involves activities that differentiate the firm from its competitors.
The business, corporate and competitive strategies are all related and interlink through the planned actions and the major objective of increasing the firms’ competitive advantage (Mintzberg, 2009). Generally, the business strategy is a major component that determines the success of the firm. Porter devised generic strategies that determine the firms’ competitive advantage. Porter argues that firms have to take into consideration of the strategies in order to succeed in the market (Kippenberger, 2006). According to Porter, increasing customer value is the most important goal that all strategic positions of the firm should aim to attain (Kippenberger, 2006).
References
Grant, RM 2010, Contemporary strategy analysis: text only, John Wiley & Sons, Hoboken, NJ.
Kane, TM & Lonsdale, D 2012, Understanding contemporary strategy, Routledge, London, UK.
Kippenberger, T 2006, “Strategy according to Michael Porter,” The Antidote, vol. 3 no. 6, pp.24 – 25.
Mintzberg, H 2009, Managing, Berrett-Koehler Publishers, San Francisco, CA.
Morrill, RL 2010, Strategic leadership: integrating strategy and leadership, Rowman & Littlefield Publishers, Lanham, MA.
Smith, RH & Grimm, CM 2005, Strategy as action: competitive dynamics and competitive advantage: competitive dynamics and competitive advantage, Oxford University Press, Oxford.
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