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What is a Business Strategy?

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Almost every organization has a business strategy. The strategy can be a mission, vision or formal plan. According to Andrews (1971) in his book The Concept of Corporate Strategy defined it as "Corporate strategy is the pattern of major objectives, purpose or goals and essential policies or plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in and the kind of company it is or is to be".

As per the renowned management guru Needle, Business in context suggests a four stage process of strategy formulation:

1. Consideration of environmental changes which bring about new opportunities and pose new threats.
2. Assessment of the internal strengths and weaknesses of the institution and in particular its ability to respond to those opportunities and threats.
3. A decision making process influenced by the values, preferences and power of interested parties.
4. A strategy generating process concerned with generating options and evaluating them.

The process of business strategy is a mixture of rational and non-rational formulation. Two organizations may have same capability, environment but strategy can be different. For example, in the auto mobile market, one assembler may go for volume manufacture that will reduce the price another organization may have aims for higher margins in terms of quality and niche market.

Business strategy formulation is completely ongoing process. As the market change, organization can change their strategy formulation for a short time. To be effective business strategy needs to be accepted by throughout process and help in tactical decision making process.

Information technology/ Information System strategy is a way of ensuring the rational development. E-commerce has wider implications than just Information System. E-commerce is a technology for strategic information system in the formulation of business strategy.

Books on Management
Strategic Management: Concepts
Strategic Management Concepts
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This book offers a skills-oriented, practitioner perspective that has been updated with modern cases to reflect current research and strategy. This text covers strategy formulation issues such as business ethics, global vs. domestic operations, vision/mission, matrix analysis, partnering, joint venturing, competitive analysis.

Essentials of Strategic Management (4th Edition)
Essentials of Strategic Management (4th Edition)
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This book is suitable for use in corporate and executive training programs. Offers a sound introduction to strategic management, focusing on the basic concepts and their applications to the management field.

 Read Related Articles

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