The concept of business strategy

Abstract

In this article an attempt is made to define the concept of business strategy by tracing the evolution of the same. The word ^strategy' means several things to several people at different points of time, which include, achieving long-term objectives of the organisation; finding a match between organisational resources and opportunities in the outside environment; as a vehicle for achieving competitive advantage; and a mechanism for coping with a turbulent environment. Just as there are different definitions of strategy, there are different approaches to formulating strategy. In this article we discuss the following eight approaches: 1. Strategic Hierarchy Approach, 2. Shotgun Strategies, 3. Street-smart Strategies, 4. Intuitive strategies, 5. Generic Strategies, 6. Strategic Intent, 7. Strategic Posture, and 8. Creative Strategies.