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Strategic Management - Concept Of Corporate Strategy

Introduction of Concept Of Corporate Strategy

   Posted On :  25.06.2018 09:40 pm

Organizations are facing exciting and dynamic challenges in the 21st century.

Introduction

Organizations are facing exciting and dynamic challenges in the 21st century. In the gloabalized business, companies require strategic thinking and only by evolving good corporate strategies can they become strategically competitive. A sustained or sustainable competitive advan-tage occurs when firm implements a value – creating strategy of which other companies are unable to duplicate the benefits or find it too costly to initiate. Corporate strategy includes the commitments, decisions and actions required for a firm to achieve strategic competitiveness and earn above average returns. The goals of corporate strategy are challenging not only for large firms like Microsoft but also for small local computer retail outlets or even dry cleaners. Table 1.1 lists the top ten strategists in India in 2005.



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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