What is strategy?
What is Strategic Management, really?
“It is commonly asserted that the ﬁeld of strategic management is fragmented and lacks a coherent identity. This skepticism, however, is paradoxically at odds with the great success that strategic management has enjoyed. How might one explain this paradox? We seek answers to this question by relying ﬁrst on a large-scale survey of strategic management scholars from which we derive an implicit consensual deﬁnition of the ﬁeld—as tacitly held by its members. We then supplement this implicit deﬁnition with an examination of the espoused deﬁnitions of the ﬁeld obtained from a group of boundary-spanning scholars. Our ﬁndings suggest that strategic management’s success as a ﬁeld emerges from an underlying consensus that enables it to attract multiple perspectives, while still maintaining its coherent distinctiveness”
What is Strategy
“Strategy has been studied for years by business leaders and by business theorists. Yet, there is no definitive answer about what strategy really is. One reason for this is that people think about strategy in different ways. For instance, some people believe that you must analyze the present carefully, anticipate changes in your market or industry, and, from this, plan how you’ll succeed in the future. Meanwhile, others think that the future is just too difficult to predict, and they prefer to evolve their strategies organically.“
Strategy: An Executive’s Definition
“The question “What is strategy?” has spurred numerous doctoral dissertations, countless hours of research, and hearty disagreement among serious management thinkers. Perhaps this is why many executives also struggle with it. Nonetheless, decision makers seeking to steer a business to sustained success need a succinct and pragmatic response. After all, it can only help executives to have a shared definition when they are creating, communicating, and implementing a strategy for their business.“
What is strategy execution
“Strategy execution is a hot topic in management today. In fact, the Conference Board’s recent Survey of CEOs revealed that chief executives are so concerned about strategy execution that they rated it as both their number one and number two most challenging issue. For anyone who’s tried to execute strategy, this finding should come as no surprise: it’s estimated that more than 60% of strategies are not successfully implemented. When asked to define strategy execution, most managers respond with statements like, “It’s the successful implementation of a strategic plan” or “It’s getting your strategy done.” While these perspectives are certainly valid, they aren’t very helpful in terms of understanding what needs to be done to actually drive business results. “
Why a strategy is not a plan
“EVERYONE, it seems, is in need of a strategy. Governments have lots of them: strategies for health care, energy, housing, and so on. Each area of policy is made to seem more purposeful if there is a strategy behind it. Similarly, no company these days would dare to admit it lacks one. If things are going badly it will often be put down to the lack of good strategy. People even talk about using it to improve their lives—from coping with stress to losing weight or just making other people like them more. “
What is strategic planning
“Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment. It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful.“