What is a strategy?
It is essential to comprehend the core meaning of the word ‘strategy’ in managerial context. Without a clear understanding of the definition of strategy, it is impossible to determine its usefulness for managers. Shivacumar (2014) states that strategy is a ‘determination of the basic long-term goals of the enterprise’. However, this definition is too simplified, and the meaning of strategy is much more complex. For example, Mintzberg (1987a) suggests that strategy can be observed through five strategic P’s: plan, ploy, pattern, position and perspective. While each of these dimensions explains the meaning of strategy, only when they are interrelated, the definition becomes full. Strategy cannot be viewed only as a plan that is simple and targeted to specific outcomes. Plans may change, but the overall organizational perspective may remain the same (Mintzberg 1987a). Moreover, various goals may be accomplished using different strategies, and it is only up to an organization which position to choose and what strategic pattern to apply. Furthe...
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...ness operations, and that successful organizations not only create strategies of their own, but also analyse the competitor ones. It is crucial to understand what is a strategy in terms of management, and how to make a strategy successful. Without significant development, a company cannot create an efficient strategy and, therefore, if it is not ready to invest time and resources into it, it is better not to have a strategy. Poorly developed strategies may not only be useless to an entity, but even harm its performance and decrease efficiency. Though this essay was mainly focused on the point that strategies are apparent in modern organizational management, there are still debates over the usefulness of them. Therefore, further analysis can be carried out and this may help to gain deeper knowledge of the concept of strategy and make much more significant conclusions.
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