The given paper explores various definitions of strategy based on an analysis of three separate scholarly sources. Each writer’s definition of strategy is presented; an analysis is carried out as to the most useful definition of the three.
To begin with, Athapaththu (2016) explains that the word strategy comes from the Greek word “strategos” which is closely associated with the word “army.” Basically, strategy refers to the various means of destroying one’s enemies via the effective use of one’s resources. Thus, strategy is a word which is quite popular in the military circle. When it comes to the business world, strategy and strategic planning refers to the process of planning out the company’s roadmap 5 to 10 years ahead (Athapaththu 2016).
Another source by Mainardes et al. (2014) proposes a definition of strategy according to which various scenarios are pre-empted and action plans are generated as a potential response to each scenario. At the same time, the authors note that it is difficult to come up with a single definition of strategy, since “the term has had several meanings, different in scale and complexity” (Mainardes et al. 2014, p. 45).
The third definition suggested by Nag et al. (2007) refers to strategy from the perspective of strategic management (as a discipline). Just like the concept of strategy, strategic management has various definitions. Based on the definitions provided in the article, one could presume that strategy is something that refers to the “formulation, evaluation, and implementation” of various managerial decisions which are called on to enhance the value of a given enterprise/firm (Nag et al. 2007, p. 35).
Based on the information provided above, the definition suggested by Mainardes et al. (2014) is the most sound one. It takes into account the fact that strategy sets out to evaluate various developmental scenarios and generate a likely response for each of them.
- Athapaththu, H. (2016). An overview of strategic Management: An analysis of the concepts and the importance of strategic management. International Journal of Scientific and Research Publications, 6(2), pp. 124-127.
- Mainardes, E., et al. (2014). Strategy and strategic management concepts: Are they recognised by management students? Business Administration and Management, 1(17), pp. 43-61.
- Nag, R., et al. (2007). What is strategic management, really? Inductive derivation of a consensus definition of the field. Strategic Management Journal, 28(9), pp. 935-955.
