This is the second topic in our serial on Strategy. I had mentioned earlier that we will limit our concern to Business Strategy for now.
But since the book https://www.amazon.com/dp/B07Z6PQBMF has already explained to reasonable extent a lot of theories on Business Strategy. My specific concern with this serial especially after this topic is to take us on practical journey on micro, small and medium scale businesses in Nigeria and if the theories are really relevant to our environment and if YES, how far are they being implemented, suggesting areas of improvements and why some are not or may never be practicable.
About the author:
What then is Business Strategy?
The word ‘Strategy’ is coined from the Greek word ‘Strategia’ used in Military Science to mean ‘all comprehensive plans and tactics deployed in distinguishing battles within wars and prosecuting those battles, leading to the ultimate defeat of the enemy and eventual victory at the wars.
Strategy has now been imported into management or business after the Second World War (1945). Some of the early management writers on Strategy are Chandler, Drucker, Johnson, Scholes and Wittington etc.
Levels of Business Strategy?
There are three levels of Strategy:
– Corporate Strategy: This has to do with making business decisions and visioning objective.
– Competitive Strategy: This has to do with how each business competes at the market place or in a given industry and thereby contributes to its Organizational objective.
– Functional Strategy: This has to do with the different functions or functional areas that are c-ordinated and integrated to support the Competitive or Business Strategy leading to the ultimate achievement of the Corporate Strategy.
Elements of Corporate Strategy
– Deciding the vision and mission of the entity.
– Deciding the entity’s business or products portfolio
– Matching the entity’s businesses to available resources and external realities.
– Matching the entity’s vision and mission to shareholder’s expectation
– Matching the entity’s vision and mission to other stakeholders’ expectation.
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The word or the term ‘’Strategy’’ is
being used by a lot of people at different times for different purposes and in
Do the ordinary user of the word
really understand the concept?
From observation and unorganized
research, different professionals and non-professionals have been using the
word indiscriminately or loosely for any perceived steps taken or to be taken
on an activity towards the achievement of a specific goal or target. For
example, a Sales representative or marketer referring to all his activities at
achieving a N10million monthly sales target as his ‘Sales Strategy’. Also, a Football Club Coach defeating his
opponent in a Football Match referring to his efforts as ‘Match Winning
About the author:
But Strategy is a real
concept that usually has a long-time focus with sub-component activities
deployed consistently towards achieving a specific goal or focus. It has its
origin from the military, which I will explain later. Whether as a real concept
or in its loose or confused form it has been applied to numerous areas of human
endeavor. Thus we have numerous types of Strategy which includes the
Marketing and or Sales
Business Strategy etc.
The list can continue
to as many tasks or activities as humans are involved in but this serials will
be on ‘’Business Strategy’’ using my book –
‘’Strategy, Risks, Governance and Ethics at a Glance ‘’ as guide.
YOUR COPY ON:
What then is Business
The word ‘Strategy’ is
coined from the Greek word ‘Strategia’ used in Military Science
to mean ‘all comprehensive plans and tactics deployed in distinguishing battles
within wars and prosecuting those battles, leading to the ultimate defeat of
the enemy and eventual victory at the wars.
Strategy has now been
imported into management or business after the Second World War (1945). Some of
the early management writers on Strategy
are Chandler, Drucker, Johnson, Scholes and Wittington etc.