Find out about different types of business strategy.
You've probably heard the term "business strategy" used in the workplace. But what is strategy, exactly? And are you aware that you need different types of strategy at different levels within your organization?
In this article, we're looking at some common definitions of strategy. We'll focus on three strategic levels - corporate strategy, business unit strategy, and team strategy - and we'll look at some of the core tools and models associated with each area.
Strategy has been studied for years by business leaders and by business theorists. Yet, there is no definitive answer about what strategy really is.
One reason for this is that people think about strategy in different ways.
For instance, some people believe that you must analyze the present carefully, anticipate changes in your market or industry, and, from this, plan how you'll succeed in the future. Meanwhile, others think that the future is just too difficult to predict, and they prefer to evolve their strategies organically.
Gerry Johnson and Kevan Scholes, authors of "Exploring Corporate Strategy," say that strategy determines the direction and scope of an organization over the long term, and they say that it should determine how resources should be configured to meet the needs of markets and stakeholders.
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