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Strategy refers to a term that was coined from a Greek word ‘strategia’, which means "generalship.” With regards to military, strategy usually refers to the aspect of maneuvering the troops into appropriate positions before engaging the enemy (Liddell & Hart et.al., 1967)…
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Download file to see previous pages... Strategy is a broad concept that has received a number of definitions from various scholars. For instance; a scholar known as Andrew defines strategic planning as a firm’s process of its strategy, decision-making or directional definition with regards to its resource allocation. He adds that it also broadens the control aspects of mechanisms that guide the strategic implementation (Toronto, 1991). It became prominent within various corporations at around 1960s and has remained as an essential managerial aspect.
On the other hand, Liddell reiterates that strategy entirely refers to the art of distribution and application of the military means so as to duly fulfill the policy ends. Deleting "military" from his definition eases the transfer of the strategic concept into the business environment.
Corporate strategy refers to a company’s decision-making pattern that reveals and determines its purposes, goals, or objectives, produces the key plans and policies for achievement of those goals, as well as the definition of a business range that is pursued by a given company, the form in which human and economic organization is or maybe intends to, and the ultimate nature of non-economic and economic contribution that it is intending to formulate to its employees, shareholders, communities, and customers (Ottawa, 1989)
According to a scholar known as Mintzberg, strategy is a means of moving from one point to the other. On the other hand, he reiterates that strategic planning can also be taken to mean setting up of a time-based operational structure, the position, as well as the perspective that dictates an organization’s visions. He continues asserting that the emergence of a strategy is due to the collisions of various intentions in order to accommodate the targeted reality.
Andrew’s definition on the other hand tends to anticipate Mintzberg’s attention with regards to pattern, perspective, and plan. He also draws a ...Download file to see next pagesRead More
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