What is Business Strategy?

Description

Description: Strategic analysis, strategy development, implementation and evaluation and the foundations of strategic thinking and game theory are vital processes in business management. This course equips managers with the tools for adapting and modelling strategy to changing circumstances.

Background: At the core of business in the 21st Century is competitive advantage and sustainable business. Technology advances have enabled organizational agility and responsiveness. It has also enabled competition through new market entrants and advanced efficiency. All firms face pressure to be more productive, efficient and cost effective, increasing profitably and wealth for stakeholders. Michael Porter is considered the pioneer of strategy with his generic strategies model, Industry Analysis model and focus on building profitable firms in competitive environments. Porter focuses strategy on finding ways to position your firm uniquely in the market place so your position is difficult to duplicate and replicate by others. The success of strategy comes in finding this and then investing in it. Porter positions strategy as how we can balance activities to create a unique practice. At the core of his discussion are examples like IKEA. He suggests that IKEA, through a combination of brand position, marketing offering, operational excellence and distribution, achieves a model in the discount furniture segment that is stylish, popular, and globally successful. Due to the importance of strategy to the firm and the firm’s success, strategic management and the role of strategy in the firm attracts much attention and discussion. This unit elaborates on the themes, theories and practices related to strategy and strategic management.

Author

Sentinel | 9

90 Courses