What is Strategy?
A majority of our course centered on the seemingly simplistic question: What is strategy? Strategy is one of those words that several individuals know, but cannot necessarily define; I was one of those individuals prior to this course. Strategy is about positioning an organization in a way that is competitively advantageous and can deliver long-term, sustainable, and superior results. This ranges from making decisions based on which industries to participate in, what goods and services to offer, and how to allocate resources most efficiently. Strategy is different from tactics because it is a long-term approach to achieving a broader goal, whereas tactics are short-term actions taken to implement a specific strategy.
In short, strategy is the means to achieving desired objectives. These objectives include gaining competitive advantage, creating value for your company’s customers and shareholders, keeping employees happy, and deciding among different trade offs. Strategy’s primary focus is on creating a unique competitive position for your company in an effort to achieve long-term success. To create this sustainable competitive advantage, a manager will strive to put his or her company in a position that competitors cannot attain or imitate. Additionally, strategy can be implemented across multiple levels, including levels as broad as the corporate level or as small as the functional level.
In order to link strategy to performance, managers must set goals—both qualitative and quantitative—to ensure that they are on the right track. The best method of setting goals is through the use of SMART objectives, or objectives that displ...
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...ck. Other than that, however, I liked the structure of the course. I thought the project was a great way to bring all that we learned together, and it was very interesting to choose our own company and get to know a lot about the company’s structure and strategies. I also loved the Delivering Happiness book and would have liked to focus a little more on the book and its lessons. I think the book deserved more than one class to be devoted to it because it was so good!
Overall, this class was a refreshing take on the comprehensive workings of a company. I learned a lot and was glad to have you as my teacher. Thank you for a great quarter!
You are more than welcome to quote or use what I have written in this reflection paper! Also, thank you for a great quarter. I feel as if I learned a great deal in this course that will benefit me in the future.
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