The paper “ Fostering Creativity and Innovation in Business” is an affecting example of the literature review on management. A strategy is a comprehensive plan established by an organization to take it from where it is to where it wants to be. It aims at helping an organization to reach out to its maximum level of success. The process of developing a strategy is known as strategy formulation. A strategy according to Mintzberg’ s can be viewed in 5 different ways. It can be viewed as a ploy, a plan, a pattern, as a perspective, or as a perspective. Strategy as a plan attempts to describe ways of an organization being successful.
It is dependable on external influences, policies, and opinions by the public. (Lusk et al. , 2008). A good strategy needs to be more than just a plan. A strategy ought to have an advanced plan. Plans are created prior to the activities to which they relate. Strategy as a ploy means beating the competition. It is known as the problem-solving technique. It tries to maneuver to outdo a competitor Pattern in the form of a strategy that is used to keep track of previous and current strategies.
It keeps track of previous patterns of success that may be applied to a contemporary organization to bring success. These patterns are however modified to fit the current trends in the market. Similarly, instead of using plans and ploys, an organization may try to position itself in the market as a strategy for success. A perspective refers to a strategy in which the organization views the world market. It is a highly creative risk that aims at seizing opportunities.
It also highlights the important effects on an organizational philosophy and mutual thinking can have on decision making within a company. Strategic managementIt involves the analysis, choices, as well as actions that an organization embarks on so that it can come up with, and sustain a competitive advantage in the industrial market. Strategic management is an important measure in any organization that aims to excel.
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