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Five major elements of business strategy - Essay Example

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In simple terms, the strategy is the platform at which a firm competes again its rivals. In most cases, a strategy consists of various integrated…
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Five major elements of business strategy
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Task: Elements of business strategy Business strategy is generally an integrated or an externally oriented concept, which allows a firm, attain its goals and objectives. In simple terms, the strategy is the platform at which a firm competes again its rivals. In most cases, a strategy consists of various integrated sets of choices. Most of these choices tend to relate to five main elements in which managers consider during the decision making process. The five main elements of business strategy are; arenas, differentiators, staging and pacing, vehicles and economic logic. The five business strategy elements remain central to strategic management processes (Ireland, 57).
The merger between Microsoft and Nokia is no different when it comes to the elements of business strategy between the two companies. Nothing changed between the two companies. Instead, the only objective was to combine the two companies to enable them to grow swiftly in terms of their operations. In as much as the two companies came together for various benefits, their business strategy elements remain the same. Both companies still use the five elements of business strategy in the market (Ireland, 62). The arenas elements entail the areas in which the two companies would be active in the market. In most cases, the decisions regarding the two companies encompass the type of services and products they offer. Alternatively, this element focuses on the market segments, technologies and geographic areas.
In the two companies, the Differentiators will most likely be the attributes and the features of the two company’s product and services, which will help the companies compete effectively with their competitors in the market. Alternatively, Vehicles as a business strategy element entails the means at which the companies take part in the targeted arenas whereas staging and pacing entails the timing, moves and speed in the market (Ireland, 64). Lastly, economic logic entails how both Companies will earn their profits.
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Ireland, R D, Robert E. Hoskisson, and Michael A. Hitt. Understanding Business Strategy: Concepts Plus. Mason, OH: South-Western Cengage Learning, 2012. Print. Read More
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