The Buzzword of Todays Business Environment Essay

The Buzzword of Todays Business Environment - Essay Example Glueck (1988) defines strategy as a â€Å"unified, comprehensive and integrated plan, relating the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives of the enterprise are achieved.† Johnson & Scholes (1993) effectively summarized all the features of strategy as "the direction and scope of the organization over the long term: ideally which matches its resources to its changing environment and in particular its markets, customers, or clients so as to meet stakeholder expectations." The above definitions point out that strategy is a plan that ties all the parts of the enterprise together, covers all major aspects of the enterprise and all parts of the plan are compatible with each other and fit together well. Wheelen & Hunger (2003) describe strategic management as â€Å"that set of managerial decisions and actions that determine the long run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation and evaluation and control.† Strategic management is defined by Chandler (1971) as â€Å"the determination of basic long-term goals and objectives of an enterprise and adoption of course of action and allocation of resources necessary to carry out these goals.† 3. The positioning school - The thoughts were heavily influenced by the ideas of Michael Porter and emphasize that strategy depends on the positioning of the firm in the market and within its industry. 10. The configuration school- The school opines that strategy is a process of transforming the organization and describing the relative stability of strategy, interrupted by occasional and dramatic leaps to new ones. In the early 1980s, Peters & Waterman (1982) developed the McKinsey 7S framework.