What It Takes for a Company to Succeed: Strategy or Luck

1307 Words6 Pages
This issue is aimed at corporate level managers, who oversee the development of strategies for the whole organization; and business level of managers, who’s strategic role is to transmute the general statements of direction and intent that come from the corporate level into tangible strategies for individual businesses (Hill & Jones, 2010); and will be addressing the question of what it takes for a company to succeed, whether it be strategy or luck. Strategy will be defined and explained, and its importance for the success of an organisation discussed. The question of whether luck is essential for success as strategy will also be addressed, along with the resulting connotation of this discussion for the formulation and execution of Freedom Airways’ strategy. Luck is not an ingredient for the success of an organisation, while this issue will show that strategy is most certainly an essential ingredient for success.

What is strategy?

Despite years of research in the field, there is not one agreed upon definition for strategy (). According to Porter (1996), strategy is a blend of goals which the organisation is working towards achieving, and the systems, processes and procedures by which it aims to achieve them by. Porter describes strategy as differentiating one’s product or service in the eyes of the consumer or providing that service through a mix of activities unique from those of competitors. As such, strategy is about creating and maintaining a good competitive position. Strategy can be viewed as building defences against the competitive forces or finding a position

in the industry where the forces are weakest.

Mintzberg’s interrelated view on strategy is that it is a general plan of action an organisation has mapped o...

... middle of paper ...

...rounded theory study in leisure and cultural organisations. Qualitative Research in Organizations and Management: An International Journal, 1(3), 152-172.

Hill, C. W. L., & Jones, G. R. (2010). Strategic management theory: An integrated approach. Mason, OH: South-Western Cengage Learning.

Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman, H. J. (1978). Organizational strategy, structure, and process. Academy of management review, 3(3), 546-562.

Tregoe, B. B., & Zimmerman, J. W. (1980). Top Management Strategy: What it is and how to Make it Work. Simon and Schuster.

Nickols, F. (2003). Definitions & Meanings.

Treacy, M., & Wiersema, F. 1 993. Customer intimacy and other value disciplines. Harvard Business Review, 7(1), 4.

Bonn, I., & Fisher, J. (2011). Sustainability: the missing ingredient in strategy.Journal of business strategy, 32(1), 5-14.

More about What It Takes for a Company to Succeed: Strategy or Luck

Open Document