The paper "What Is Strategy and Why Is It Important" is an outstanding example of business coursework. From the chapter, the strategy can be understood in terms of how organizations can attain long-term success. The question of how organizations can attain long-term success, therefore, leads to the idea of what actions are required in order to attain long terms success. It is through the identification of the actions to be taken that an organization is able to identify the strategies to be used. For instance, if a company requires to strengthen its competitiveness within the market, the strategies that can be adopted include; collaborative partnership and the adoption of strategic alliance. Strategy can also be described as the decisions, choices, and plans that can guide an organization in order to attain the intended success.
A case in point is when a company has the objective of entering a new market or an existing market, there is a need to make decisions concerning how the entry will be undertaken. This will, therefore, call for coming up with plans that can assist in attaining this particular objective.
Additionally, if a company wants to build a competitive advantage, a company will have to make decisions concerning how the objective can be made. This includes adopting approaches such as being the best cost provider, low-cost provider and focus on a market niche. The next step will be to develop a plan that can implement the actions stated. Strategy can, therefore, be defined in terms of the decisions, choices and plans that an organization can be guided in order to attain the intended success. In terms of the importance of strategy, one importance that was noted is that strategy provides an insight to organizations concerning where the organization is successful and the areas in which the business is not successful. It also assists organizations to come up with a viable business model.
For instance, if a firm adopts competitive initiatives as a strategy, the viable business model that will be adopted by the firm is a value proposition. Chapter Two Chanting a company’ s Direction, vision and mission and the Core Values The chapter brings into perspective the need for organizations to have a strategic direction, a vision and core values.
When looking at the concept of the strategic vision a significant understanding is that strategic vision aims at providing a future direction. Every organization has the objective of existing in the future or what is referred to as a going concern, as a result having a strategic vision is very significant. The mission, on the other hand, does not focus on the future but rather the current context of the organization. It, therefore, provides a description of the who, what the company does and why the company exists. The core values are basically aspects of organizational culture.
This includes; the values, behaviors and traits that are to be portrayed in order fulfill the vision and missions statement. The chapter also highlighted the need for linking the vision, the mission, and the core values this is because it will enable the organization to attain success when the three components are linked.
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