Commit your work to the Lord, then it will succeed. Proverbs 16: 3 (TLB)
Strategy has become a buzzword in every part of human endeavour. We hear of it every day being used both in corporate and individual life to describe an approach to achieve success. It is common to listen to pupils talk about it. The word “strategy” originated from the army, and so it is regularly used as part of military intelligence. Businessmen also adopt strategies to solve business problems; gamblers deploy strategy in their gambling business extrapolates upshot, and even damned souls like robbers frequently take a strategy to escape arrest. Hence, everybody seems familiar with the word as a means of achieving the desired goal.
Strategy is a device for accomplishing desired success in every human endeavour. It became an issue and a business tool some decades ago for many prominent organisations. It was this knowledge that led to the pioneering of strategy management by General Electric. Since then, it has played a prominent role in modern business management in light of the increasing need for companies to differentiate their products, services, image and the mode of service delivery to customers from those of the competitors.
Apart from being a successful business tool, strategy is generally a critical success factor in any human activity where there is war and competition for resource acquisition. Take, for instance; many professionals have likened the importance of strategy in business to the role it played in the terrorist attack on the World Trade Centre on September 11, 2002. The argument here is that the terrorist deployed an exceptionally different strategy to attack America which not only surprised Americans but the world.
Since the result of any struggle in life is either success or failure, the choice of the strategy deployed in the struggle determines success or failure of the struggle. In business generally, there is the war for talent, war for market shares, war for growth opportunities, and war to remain in business against different forces like competition, economic recession and regulatory requirements/sanctions. It, therefore, means that for business to achieve outstanding performance in the light of these forces, there must be a good and distinctive strategy that will place the business at an advantage.
However, the way we conceive and implement strategy in business differ from the general application in other areas of life. While the use of it outside business may be trivial, strategy is conventional in business. In well-managed companies, it is regarded as part of business culture and traditions that guide management in allocating resources and optimising returns on investment. It is also a means of gaining a vantage position in the market. An organisation that usually adopts a distinctive strategy has an edge and chances of being profitable and more visible in the market than its competitors, especially those that offer unique products and services.
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