|Type of paper:||Essay|
|Categories:||Goal Strategic management Business plan Business strategy|
According to me, a strategy is a plan, method, or even a way that can help one achieve different things in the future either being short or long term goals by utilization of different ideas. Therefore every strategy is unique in its way, and it's aimed to achieve the set objectives and goals through the utilization of different approaches, methods, and plans. For a strategy to be effective, it must be well analyzed and formulated so that it way works effectively and efficiently. A strategy ensures that one gets a competitive advantage compared to other people. Different authors also defined the term strategy
Definition statement 1:
According to What is Strategy, a strategy is described as a goal of winning-competition by providing a vision that sets up tactics to achieve a business's goal (2015). The four key questions that are presented: Where do we compete? What unique value do we bring? What resources/capabilities do we utilize, whether it's intangible or tangible? And, how do we sustain unique value (Kryscynski, 2015)? Businesses who tactfully utilize their business strategy correctly keep competition low and acknowledge boundaries for themselves to keep their strengths high. Speaker David Kryscynski mentions Henry Mintzberg, a business strategist emphasizes on the presumption of strategy manifesting itself as you go through the motion of what was intended yet emerges into what one does (Mintzberg,2017). The other factor that is mention is the time factor of when to appropriately stage a business plan.
Similarities of my statement compared to What is Strategy, strategy:
Uniqueness is vital in what makes your business stand out from the rest of your competitors. Every strategy is special and unique in its way, and this s what makes it stand out from other people or businesses. Originality is the one concept I found that was similar. A concept or strategy that is original makes sure that one is more likely to penetrate in the market easily than the competitors. Another similarity was that both of these strategies were focused mainly on a particular vision or achieving something in the future.
The differences between my descriptions compared to What is Strategy, strategy:
My description had many variations. I did not take into consideration the resources of what's tangible or intangible, nor did I take the time to consider how sustainability will keep the market unique. Both tangible and intangible resources should be well considered so that all are well projected for so as not to bring future disruptions. Sustainability should also be analyzed keenly as it helps ensure that one is unique in the market; therefore, having a broader customer base than your competitors.
Definition Statement 2:
According to What is Strategic Planning, to build a strategic planning process it goes beyond the articulation of just mission, vision, and goals/objectives, but strategic planning goes further by learning differentiation that corresponds with external market data to understand what makes your business unique (2012). Organizational engagement is thought to utilize strength in a business strategy by "cascaded goals" within the whole organization down to individuality of knowing their position in reaching business's goal/objective which then leads to organizational transformation that helps drive behaviours the encourages efficient decision making within the organization (What is Strategic Planning, Really?, 2012).
Similarities of my statement compared to What is Strategic Planning, Really:
I see my description correlates more with strategic articulation planning. My description focused on most of the planning strategies such as the articulation of vision/mission, which associates with values and beliefs. To be versatile, your business should be ready to adjust with its industry and to see those expectations succeed; one would need to know external market data. The similarities include that all these definitions see a strategy as one which consists of a plan, vision, or what is intended to be done. The other similarity was that all the definitions were unique, and each was aimed at bringing a new idea or being original in its way.
The differences between my descriptions compared to What is Strategic Planning, Really:
I did not take into consideration that to have an effective strategy everyone who is associated within the organization has to have an understanding of expected goals and must be able to be self-efficient in decision making that would help achieve the business overall goal/objective. Differences were also noticed, and they included that some definitions such as mine did not consider all the aspects that were expected to make an effective strategy that would enable them to become competitive in the market.
Kryscynski, D. (2015, January 05). What is Strategy? Retrieved from YouTube: https://www.youtube.com/watch?v=TD7WSLeQtVw
What is Strategic Planning? (2012, April 09). Retrieved from YouTube: https://www.youtube.com/watch?v=mLJ34L5UW4E Reply to Thread
Mintzberg, H. (2017). Developing a theory about the development of theory. Handbook of Middle Management Strategy Process Research, 177-196. doi:10.4337/9781783473250.00017
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