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    Introduction to Strategic Management
    Introduction to Strategic Management
    Introduction to Strategic Management
    Ebook34 pages22 minutes

    Introduction to Strategic Management

    By IntroBooks Team

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    About this ebook

    Strategy essentially involves competing to be unique. It is the key to achieving goals through proper planning, resourcing, implementation and evaluation of various strategy management tactics. The strategy is essentially the choices an organization makes, that defines what markets to be served and how to gain a competitive advantage in the marketplace. The strategy involves taking basic directional decisions for organizational purposes and missions. Though strategy was adopted from the military domain, strategy has over the time come to exert considerable influence in the corporate and business sphere. An essential prerequisite for a good strategy is that it can accommodate the changing reality of globalization and economic turbulence. The essential value disciplines serving as the basis for strategy are product leadership, operational excellence and customer intimacy.

    LanguageEnglish
    PublisherIntroBooks
    Release dateOct 23, 2019
    ISBN9781393421764

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      Book preview

      Introduction to Strategic Management - IntroBooks Team

      Introduction to Strategic Management

      IntroBooks #602

      http://readintrobooks.com/

      Copyright © 2019 IntroBooks

      All rights reserved.

      Preface

      Strategy essentially involves competing to be unique. It is the key to achieving goals through proper planning, resourcing, implementation and evaluation of various strategy management tactics. The strategy is essentially the choices an organization makes, that defines what markets to be served and how to gain a competitive advantage in the marketplace. The strategy involves taking basic directional decisions for organizational purposes and missions. Though strategy was adopted from the military domain, strategy has over the time come to exert considerable influence in the corporate and business sphere. An essential prerequisite for a good strategy is that it can accommodate the changing reality of globalization and economic turbulence. The essential value disciplines serving as the basis for strategy are product leadership, operational excellence and customer intimacy.

      Summary

      The term ‘strategy’ took its origin from the Greek word strategia meaning ‘art of the general’ having strictly military connotation only. Over time the term ‘’strategy" came to be applied in various other areas, especially in the business management area. Strategy is the high-level planning aimed at achieving organizational objectives and goals while making use of the available resources. Strategy is the means to achieve certain ends. Usage of strategy in the business domain provides a great incentive in bridging the gap between organizational tactics and policies. Strategy mainly comprises of strategic thinking and strategic planning. Henry Mintzberg gave an elaborate definition of strategy by defining strategy as a plan, as a pattern, as a position, as a ploy, and finally, strategy as a perspective. Strategyinstils a sense of vision and helps in determining the scope of the company in the long run. Some of the essential features of strategy are – they are action-oriented, goal oriented, futuristic, flexible and dynamic, value addition in terms

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