Strategic management notes: Common themes in strategy

From these different definitions strategy is concerned with:

Ø     The purpose and long-term direction of the business;

Ø     The scope of an organization’s activities and actions required to meet its objectives

                         (broad or narrow);

Ø     Meeting the challenges from the firm’s business external environment, such as

                         competitors and the changing needs of customers;

Ø     Meeting the challenges from the firm’s business external environment, such as competitors and the changing needs of customers;

Ø     Using the firm’s internal resources and competencies effectively and building on its strengths to meet environmental challenges;

Ø     Delivering value to the people who depend on the firm, its stakeholders, such as customers and shareholders, to achieve competitive advantage.

Whatever interpretation is put on strategy, the strategic actions of an organization will have widespread and long-term consequences for the position of the organization in the marketplace, its relationship with different stakeholders, and overall performance.

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