Strategy & Business Policy

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What is strategy?

Nowadays, Strategy defined as “the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations" (Johnson & Scholes, XXX).

What is the focus of the strategy research stream?

Academic works on strategy try to give answers to these questions:
- Where is the firm trying to get in the long term;
- Which markets should a firm compete in and what kind of activities are involved in such markets?
- How can the firm perform better than the competition in those markets?
- What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete?
- What external, environmental factors affect the firm' ability to compete?
- What are the values and expectations of those who have power in and around the firm?

Academic works on strategy focus on a specific level ranging from the overall business (or group of businesses) through to individuals working in it.

Works on corporate strategy are concerned with the overall purpose and scope of the firms.

Works on Business Strategy are more concerned with how a business competes successfully in a particular market. Finally, operational strategy is concerned with how each part of the business is organized to deliver the strategic direction.

What topics do strategy scholars study?

Major topics include: strategy formulation and implementation; strategic planning and decision processes; strategic control and reward systems; resource allocation; diversification and portfolio strategies; competitive strategy; cooperative strategies, selection and behavior of general managers; and the composition and processes of top management teams.

What perspectives do organization theorists draw on in their research?

Several perspectives co-exist within strategy studies, such as planning perspective (Chandler, 1962), deterministic perspectives (Hannan & Freeman, 1979), positioning perspective (Porter, 1980), proactive perspectives, strategic as practice perspectives, etc.

Strategy and related disciplines in the social science and management fields.

Strategy draws on several related disciplines such as economics, game theory, psychology, sociology and political science.

 

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