36 Facts About Business strategy

Formulation of Business strategy involves analyzing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete.

In 1988, Henry Mintzberg described the many different definitions and perspectives on Business strategy reflected in both academic research and in practice.

Business strategy examined the strategic process and concluded it was much more fluid and unpredictable than people had thought.

Business strategy recommended eight areas where objectives should be set, such as market standing, innovation, productivity, physical and financial resources, worker performance and attitude, profitability, manager performance and development, and public responsibility.

Business strategy formalized the idea of matching the organization's internal factors with external environmental circumstances.

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Business strategy developed a grid that compared strategies for market penetration, product development, market development and horizontal and vertical integration and diversification.

Business strategy felt that management could use the grid to systematically prepare for the future.

Porter modified Chandler's dictum about structure following Business strategy by introducing a second level of structure: while organizational structure follows Business strategy, it in turn follows industry structure.

The focus Business strategy has two variants, cost focus and differentiation focus.

Porter wrote that Business strategy is an internally consistent configuration of activities that differentiates a firm from its rivals.

Core competency is part of a branch of Business strategy called the resource-based view of the firm, which postulates that if activities are strategic as indicated by the value chain, then the organization's capabilities and ability to learn or adapt are strategic.

Business strategy wrote that organizations get into trouble when the assumptions representing the theory of the business no longer fit reality.

Business strategy used an example of retail department stores, where their theory of the business assumed that people who could afford to shop in department stores would do so.

Classic Business strategy thinking, and vision have some limitations in a turbulent environment and uncertainty.

Business strategy lamented that successful strategies are imitated by firms that do not understand that for a strategy to work, it must account for the specifics of each situation.

Business strategy identifies four sources of discontinuity: new technologies, globalization, cultural pluralism and knowledge capital.

Business strategy illustrated how social and technical phenomena had shorter lifespans with each generation, and he questioned society's ability to cope with the resulting turmoil and accompanying anxiety.

Business strategy wrote that this is a trap that constrains our creativity, prevents us from exploring new ideas, and hampers our dealing with the full complexity of new issues.

Business strategy developed a systematic method of dealing with change that involved looking at any new issue from three angles: technical and production, political and resource allocation, and corporate culture.

Business strategy's famous maxim is "Nothing fails like success" by which he means that what was a strength yesterday becomes the root of weakness today, We tend to depend on what worked yesterday and refuse to let go of what worked so well for us in the past.

Business strategy claimed that recognizing the patterns behind these value migrations is necessary if we wish to understand the world of chaotic change.

Business strategy called the approach to discovering the emerging markets for disruptive technologies agnostic marketing, i e, marketing under the implicit assumption that no one – not the company, not the customers – can know how or in what quantities a disruptive product can or will be used without the experience of using it.

Business strategy described strategy formation and implementation as an ongoing, never-ending, integrated process requiring continuous reassessment and reformation.

Business strategy claimed that strategy is partially deliberate and partially unplanned.

Business strategy wrote that good strategy has an underlying structure called a kernel.

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Similarly, McKeown argued that over-reliance on any particular approach to Business strategy is dangerous and that multiple methods can be used to combine the creativity and analytics to create an "approach to shaping the future", that is difficult to copy.

Business strategy claimed in 1986 that one of the reasons for this is the complexity of strategic decisions and the resultant information uncertainty.

Business strategy alleged that prior to the widespread use of computer systems, managers, even at the most senior level, engaged in both strategic decisions and routine administration, but as computers facilitated routine processes, these activities were moved further down the hierarchy, leaving senior management free for strategic decision making.

Business strategy described leaders as visionaries who inspire, while managers care about process.

Business strategy claimed that the rise of managers was the main cause of the decline of American business in the 1970s and 1980s.

Crafting and implementing a Business strategy involves creating a position in the mind of the collective consumer.

In 1992 Jay Barney saw Business strategy as assembling the optimum mix of resources, including human, technology and suppliers, and then configuring them in unique and sustainable ways.

Business strategy described how fewer workers would do physical labor, and more would apply their minds.

Business strategy studied the effect that both had on workers, managers and organizational structures.

Business strategy largely confirmed Drucker's predictions about the importance of flexible decentralized structure, work teams, knowledge sharing and the knowledge worker's central role.

Business strategy identified four key traits of companies that had prospered for 50 years or more.