What is Business Strategy | Production and Operations Management
Business strategy is crucial for a company’s success.
It has various definitions, we discuss few imporant ones.
Alfred Chandler, was a professor of business history at Harvard Business School and Johns Hopkins University and he defined business strategy as, “the determination of basic long-term goals and objectives of organization, and the adoption of the course of action along with the allocation of resources necessary for carrying out these goals”.
William F. Glueck a famous author of has 19 books on management and strategy, also defines business strategy as, “a unified, comprehensive, and integrated plan which has been designed to ensure that the basic objectives of the organization are achieved.”
The above definitions of strategy, view it as a rational planning process. Hence, the major components of the strategic management process are:
- Defining the mission and objectives of the organisatio
- Scanning the environment (external and internal)
- Deciding on an organisational strategy appropriate to the strengths and weaknesses of the organisation after taking cognisance of the emerging opportunities and possible threats to the organisation, and
- Implementing the chosen strategy.
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