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Strategic Management Concept: definition,history - Essay Example

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In business and management,strategy is defined as “the blueprint of decisions in an organization that shows its objectives and goals,reduces the key policies, and plans for achieving these goals, and defines the business the company is to carry on"…
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Strategic Management Concept: definition,history
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Download file to see previous pages 4). Mintzberg (1997) defines strategy as a collaboration of five specified components: it being a plan,a ploy, pattern, position, and perspective. As a plan, strategy was defined as “some sort of consciously intended course of action, a guideline (or set of guidelines) to deal with a situation” (Mitzberg, 1997). As a ploy, strategy found its meaning as “a specific ‘manuever’, intended to outwit an opponent or competitor” ( (Mitzberg, 1997, p. 12). As a pattern, strategy is “consistency in behavior, whether or not intended” (Mitzberg, 1997, p. 12). As a position, strategy is “a means of locating an organization in what organization theorists call an ‘environment’” (Mitzberg, 1997, p. 15). And finally, Mitzberg (1997) defined strategy as a perspective, a concept which is shared by collective minds and focuses on the organization’s “content consisting not just of a chosen position, but of an ingrained way of perceiving the world” (p. 16). ...
219). Concurrently, Bracker (1980) has presented in tabular form the chronological developments of strategy since 1947 including the varied definitions, as written by scholars and practitioners in this field of endeavor. A comprehensive definition noted was presented by Steiner & Miner (1977) as: “the forging of company missions, setting objectives for the organization in light of external and internal forces, formulating specific policies and strategies to achieve objectives, and ensuring their proper implementation so that the basis purposes and objectives of the organization will be achieved” (Steiner & Miner, 1977; cited in Bracker, 1980, p. 221). A comprehensive historical overview with scope and summarized results are presented by Bracker (1980) that started with identifying the origin of strategy at 3000 B.C. and presented the application of strategy to encompass business, military, and government. Different ‘Approaches’ to Strategy As the history of strategy was identified to have evolved through time, since ancient times, it could naturally be understood that there have been varied approaches and models that were developed and evaluated accordingly. From among the noted approaches, the following were identified: regression model, simultaneous equation model, and demand model, to name a few (Bracker, 1980). Aside from those cited by Bracker (1980) as sources from various authors, other approaches to strategy include the practice-oriented approach (based on best practices as experienced by organizations), Porter’s five forces approach (evaluating the organization through its rivals, suppliers, customers, ...Download file to see next pagesRead More
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