The Importance Of Evaluate Strategy

I Introduction

Hitt, Ireland, & Hoskisson (2011:5) defines “strategy as an integrated and co-ordinated set of commitments and action designed to exploit core competencies and gain a competitive advantage”. Strategy is an incorporated, all-encompassing idea of how the business will accomplish its goals (Hambrick & Fredrickson 2001). How does strategy interface up with strategic management? The approach organisations use to guarantee that all their actions are adjusted to their strategy (or strategies) is strategic management (Unisa 2016). Strategic management is characterised as a set of choices and activities that result in the formulation and implementation of plans intended to accomplish an organisation’s objectives (Pearce and Robinson,

Intended strategies that are fully realised are referred to as deliberate strategies (Louw & Venter 2013). A deliberate strategy is one whose goal has been produced before the strategy starts, while emergent strategy permits objectives to be developed as the process unfolds (Lynch, 1997 as cited by Garnett, Bevan-Dye & de Klerk 2011). Emergent strategies are spontaneous reactions to unanticipated conditions (Louw & Venter 2013). Emergent strategy itself suggests realising what works, by making one move at a time in search for that feasible pattern or consistency. It also opens the way for shared action and concurrent conduct (Mintzberg & Waters

“Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run” (Hofstrand 2009:1). Sustainability suggests that organisations can accomplish competitive advantage with better than expected returns by creating value, managing uprightly, and being sustainable, corporate global citizens with social, environmental, and economic propriety (Louw & Venter 2013). Sustainability is about the capacity to meet the needs of people and their communities, and organisations, not only for the short term but over the long term (Tucker no date). Profitability and sustainability are not totally unrelated, profitability is a transient concentration, while sustainability is a long-term focus (Louw & Venter 2013). For instance, in 2008, a beverage-bottling organisation named Florida Ice and Farm found a way to lessen the measure of water it took to set up a litre of any given drink. When the organisation began, it took an astounding 12 litres of water to prepare 1 litre of drinkable refreshment, including the water used to clean and sterilise the bottles. When it had finished, the organisation decreased that water use from 12 litres to 4.9 litres. That development, initially spearheaded by somebody at Florida Ice and Farm, has successfully changed the whole packaging industry. This progression toward sustainability is