Concepts And Theories Of Strategy And Strategic Management
Concepts and Theories of Strategy and Strategic Management
Definitions and Concepts:
Alfred Chandler (1962) - Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of actions and the allocation of resources necessary to carry out these goals. (Arnoldo C. Hax, 1986)
Mintzberg (1979) - Strategy is a mediating force between the organization and its environment: consistent patterns of streams of organizational decisions to deal with the environment. (Arnoldo C. Hax, 1986) Mintzberg in the book “The Rise and Fall of Strategic Planning”, 1994 talks about the 5P’s of Strategy which include plan, ploy, pattern, position and perspective. (Mintzberg, 1987)
Michael Porter (1996) - “Operational effectiveness is not strategy. Both are essential for superior performance of an enterprise.” (Porter, 1996)
Competitive Strategy - “It is being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.” (Porter, 1996)
Goal Setting
The first step of strategic management involves setting up of a goal by the organization to protect the current status or to improve the performance and profits. It is generally confused with operational efficiency. But, strategy involves uniqueness. Basic Elements of Strategic Management Process: Environmental scanning (both external and internal), strategy formulation (strategic planning), strategy implementation, and evaluation and control. (J. David
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