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Pages 8 (2008 words)
Strategy has been simply defined by Crossan et al. as “a concrete expression of how a business intends to compete and win in its marketplace” (2002). Strategy represents the personality of the business, whether it has an aggressive personality, or a passive one.
Crossan et al (2002) has further described it as an important “definitive tool for building, communicating and maintaining the direction of a business”. Two approaches to strategy have been discussed to elucidate the process of strategy development. As the purpose of the strategy in business is important and cannot be overemphasized, so much more is the process by which strategy is developed and identified. A manager must always deal with the four components of a strategy as identified by Crossan et al. (2002), and these are the goals, product market focus, value propositions, and core activities. How the manager tackles these four components in order to craft a strategy that aims to deliver the company bottom line represents how he approaches strategy development. Accordingly, there are many arguments about how strategy should be developed. Crossan et al (2002) observed two contentious issues surrounding strategy formulation, and these are whether strategy should be approached clinically, as in “a well defined, analytical process”, or experientially, as in “trial and error process” guided by a set of patterns from past experiences. Crossan et al (2002) referred to these approaches as “intended strategy” referring to the former, and “emergent strategy” referring to the latter. ...
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