Strategic Management - Concept Of Corporate Strategy
Introduction of Concept Of Corporate Strategy
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Organizations are facing exciting and dynamic challenges in the 21st century.
Introduction
What is strategy?
Strategy”, narrowly defined, means “the art of the general” (the Greek stratos, meaning ‘field, spread out as in ‘structure’; and agos, meaning ‘leader’). The term first gained currency at the end of the 18th century, and had to do with stratagems by which a general sought to deceive an enemy, with plans the general made for a campaign, and with the way the general moved and disposed his forces in war. Also was the first to focus on the fact that strategy of war was a means to enforce policy and not an end in itself. Strategy is a set of key decisions made to meet objectives. A strategy of a business organization is a comprehensive master plan stating how the organization will achieve its mission and objectives.
Here are some definitions of strategy.
Mintzberg has identified the 5 P’s of strategy. Strategy could be a plan, a pattern, a position, a ploy, or a perspective.
1. A plan, a “how do I get there”
2. A pattern, in consistent actions over time
3. A position that is, it reflects the decision of the firm to offer par-ticular products or services in particular markets.
4. A ploy, a maneuver intended to outwit a competitor
5. A perspective that is, a vision and direction, a view of what the company or organization is to become.
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