The notion that strategy is independent of the details of running an organization: The great fallacy of conventional management
Summary :
Table of Contents
- Introduction.
- What is strategy?
- Components of a good strategy.
- What is strategic management?
- The strategy making process : Conventional management approach.
- Levels of strategy in an organisation.
- Strategic decision-making.
- Characteristics of strategic decisions.
- Conclusion.
- Bibliography.
Abstract
Defining strategy is a challenging thing to do but the characteristics of strategy can be summed up in the following definition, "A strategy is the set of actions through which an organisation, by accident or design, develops and uses them to deliver services or products in a way which its users find valuable, while meeting the financial and other objectives and constraints imposed by the key stakeholders."(Haberberg and Riepel, 2001, pn-32). There are different perspectives of strategy which is viewed by different people according to their own vision. strategy formation is a process which is taken in consideration to improve the prospects of any organisation in the competitive environment. Wittman and Reuter(2008), describes characteristics of strategy by the criteria such as (1)profit potential which is the basic purpose of the strategy,(2)value based orientation which involves developing a set of objectives for creating value for the stakeholders,(3)competitive advantage, (4) market strategies and (4)corporate strategies.
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