Strategy is an idea: This describes the word "How" that allows achieving your aim for/ goal from one end to the other.
Strategy is a Design: It is a structure in conditions of actions sent for example a corporation uses high end strategy to market expensive products to keep up standard, Quality and supersede competitors.
Strategy is a Point of view: a eye-sight that provides way to achieve effects.
Strategy is a posture: it reflects the decisions mixed up in deliverance of the organization's service/product in a particular market.
Concept of strategy matching to Michael Porter
Michael Porter in his 1996 Harvard Business Review article and 1986 e book, Competitive Strategy points out that competitive strategy is all about being different and unique. He added, "It means deliberately choosing a different set of activities to provide a unique mixture of value"
The basic concept of strategy comes from a military record which is now widely used in a number of business. The adoption of the proper notion from that of the government into the business was regarded as easy as it was moderate. As with the military basically available, strategy is bridging the space between strategies and insurance policy.
Being very specific in defining strategy is not easy as the several perspectives on strategy vary. Thus an extremely extensive conception of strategy according to De Wit and Meyer in their publication (2010), Strategy, Process, Content, Context, is,
"A course of action for attaining an organization's purpose"
Strategic Management is an activity which is lead by different ways. According to numerous other text literature including De Wit and Meyer (2010) the Strategy process is a linear development trough lots of specific steps. As in this competitive market organizations tend to go through a process in order to achieve best outcomes. This process is divided into different stages which includes, strategy examination, strategy formulation and execution stage.
Figure -1: Strategy process and its Aspects.
STRATEGIC THINKING (Logic vs. Imagination)
A lot continues on in your brain of an strategist before the process of strategy execution. Strategists are constantly employed with problems through the strategic process. These paradoxes that arise during the tactical process can be challenging in different situations and the right type of action taken up to resolve them. Based on the Rational or rational reasoning point of view the demand and need of frequent market analysis and its own capacity assumed to get advantage from the market should be based on actual facts. Reasonable thinking provides a better understanding of the opportunities and dangers upon critical analysis of the surroundings. Creative thinking is the contrary of logical thinking as a rational thinker will only have the ability to get conclusions on success of strong arguments thus the thinking is bound and predicated on formal rules while creative thinking doesn't have set boundaries and the thinker can think beyond the place rules and draw realization. Creative thinking gives a dilemna and vision for the future created in the true sense. It keeps an increased risk but often needed when determining and diagnosing proper problems. As creative thinking and logical thinking are complete opposite, the demand of both can be contradictory yet they can be needed at exactly the same time, (DeWit and Meyer, 2010). The best example of creative thinking is Apple Inc research study (DeWit and Meyer 2010) as their strategy includes creative progressive products and service in the competitive market. (Refer Appendix A).
STRATEGY Creation (Deliberateness vs. Introduction)
It is the procedure which determines the steps shaped by organizations or individuals prior to its action. The procedure where an designed strategy is established is named "Strategy formulation" (DeWit and Meyer 2010). Mainly top positions in an organization is accountable for strategy production. Professionals do not only get themselves mixed up in process of strategy formation but also in the ways it'll be strategically implemented. When we think strategically we examine that deliberateness and introduction along the way of strategy formation cannot be kept aside. The major simple fact with strategy is the fact it handles both, the plans made for the future and the procedure to put into action those plans to achieve the aims demanding overall flexibility and adaptability. Deliberate strategy is more towards rational thinking and demonstrates the formal procedure for tactical planning and is dependant on actual facts, however the future is unpredictable and it becomes a main need of organizations to provide their actions and adapt in line with the unfolding circumstances providing them opportunity of experimentation and trails in a specific market.
A strong interconnection of such strategy is observed in the example of UPS case study (DeWit and Meyer 2010), (Refer Appendix B).
STRATEGIC RENEWAL (Trend vs. Development)
When we talk about competitive market segments in this changing world, dynamic environment, new solutions, changing economics and customer demand all aspects are subject to regular changes in a challenging environment. For a business to meet problems and face dangers on the market it's important to implement proper changes to remain in harmony with the exterior environment. (DeWit and Meyer 2010).
A change that breaks the old platform is reported to be Ground-breaking change and the change that is incremental is referred to as gradual change. Both the solutions are vitally essential in reshaping organizations despite of experiencing conflicting characteristics.
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