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Strategy

Strategy

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Article: Strategy; Definitions & Meanings by Nickols, F. (2012)

The author has demystified the concept of strategy using various definitions and discussions of various authors (Nickols, 2012) . The author demonstrates how the concept can be borrowed from the military and used in the business environment. The author has tried to examine and criticize various meanings and definitions of the term strategy and its related terms. The article defines strategy as a means through which gaps between tactics and policies are bridged. The aim of the paper in defining strategy is to clarify the concept and place it in its right context. This article will be useful in helping to understand the concept of policy, strategy, and tactics in the future studies and also in the profession as well. Some of the experts that the author has consulted include B.H. Liddel Hart, a military strategist who has examined wars and battles from the ancient Greek period to the past the Second World War. Other includes George Steiner, a professor of management, and authors in management such as Henry Mintzberg, Kenneth Andrews, Michael Porter, Kepner-Trogon, Michael Robert, and Treacy and Wiersema. By involving others to relate the definitions and understanding of the concept, I agree with the author that, however, the term strategy may be defined; it is a critical aspect of any surviving business.

Questions

Is strategy just a plan that refers to how to obtain the ends that a business seeks or a position taken?

Does plan refer to a perspective that views one’s take on matters, purposes, directions, decision, and actions that stem from the view?

Link to the 4-core business functions

Operation

In operations, the production of products and services take place. The means of production plays a great role in determining whether the business will eventually make a loss or a profit. In this business function, as a plan, the strategy will help the business to get from one point to a higher end.

Human resource

The human resources are concerned with tapping the best talent through hiring and training of staff. Every business should identify where it wants its staff to steer it towards. As a perspective, strategy defines the direction and the vision

Accounting

In accounting, the business must tally the score through invoices, statements, and bills. The company uses its accounting results as a reflection of its performance, and how its various products or services in a particular market are failing. As a position, the strategy will help in determining the best market for a particular product or service. 

Marketing

In marketing, the business must figure out how to come up with new customers as a way of growing the business. Strategy as a pattern in action over time enables the business to market its products variety using a high-end strategy (Moore, 2011).

Other related topics/themes to show how the topics are integrated.

Planning: Through planning, a company should decide where it wants to be by selecting particular steps that will help it get there. The strategy will help managers be aware of the challenges that the business is facing and forecast the possible future and economic condition. Only businesses with high-end strategic plans survive hard economic times.

Organizing: Managers should organize by bringing together the human, physical and financial resources to attain its objectives. Through strategy, the company identifies activities that should be accomplished.

Leading: Leaders have to motivate their employees to attain business goals and objectives. Strategic communication, motivation and maintaining desirable human personalities is essential for a successful leader.

 

References

Moore, K. (2011). The Emergent Way: How To Achieve Meaningful Growth In An Era Of Flat Growth. Ivey Business Journal, 1-5.

Nickols, F. (2012). Strategy; Definitions and Meanings. Distance Consulting LLC, 1-10.

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