Discussion 1 Strattegy.docx - Running head STRATEGY 1 Strategy Institution Affiliation Date STRATEGY 2 Strategy A strategy is a predetermined way of

Discussion 1 Strattegy.docx - Running head STRATEGY 1...

This preview shows page 1 - 3 out of 3 pages.

Running head: STRATEGY 1 Strategy Institution Affiliation Date
Image of page 1

Subscribe to view the full document.

STRATEGY 2 Strategy A strategy is a predetermined way of performing activities that are aimed at bringing a desired future or the achievement of a particular goal. In business management, a strategy is a set of moves and activities a business takes in order to achieve different organization goals including strengthening performance, promoting competitiveness and attracting customers. A typical business strategy takes a period of between three and five years and is mainly concerned with the allocation of resources. Thompson, (2014–2015) identifies two types of business strategies which are either generic or competitive. Generic strategies include those involving growth, globalization, and retrenchment. Strategic management helps in wise decision making within an organization. This helps the business to achieve competitive advantage that will help the firm to outdo the other firms. Strategic planning helps the firm in differentiating a good idea from a bad idea. This will help in appropriate planning of the firm.
Image of page 2
Image of page 3

Unformatted text preview: Strategic planning within a firm helps the firm to increase their efficiency in operation. Good strategy helps in providing the firm with a good roadmap on how to conduct different events with the firm to help in achieving the maximum potential. On the other hand, competitive strategies aim at improving the ability of an organization to compete against rivals. Businesses create a strategy with the aim of improving their competitiveness to effectively compete in the external environment. Consequently, strategic planning is directly connected to the business’s competitive advantage. Through competitive strategies, an organization can create plans to deal with rivals and improve its competitive advantage. STRATEGY 3 References Thompson, A. A. (2014–2015). Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education....
View Full Document

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask bonus questions You can ask questions ( expire soon) You can ask questions (will expire )
Answers in as fast as 15 minutes