Business Strategy Essay Example | Topics and Well Written Essays - 4750 words

Business Strategy - Essay Example ndeavor of individuals, groups or organizations; for survival and includes policies, plans and frameworks structured to survive and reach the desired goals / destinations. According to Mintzberg & Quinn (1996), strategy could be termed as efficient if it has the ability to accentuate the consequences of managerial decision making by appropriately channelizing its resources, considers probable outcomes, and combat the competitive forces within the industry. According to Vijeon & Dan (2003), â€Å"Strategy is the management of the interface between the activities of the organization and the changing environment in which it operates. This process involves too much uncertainty, novel situations and lack of firm information to be automated†. This school of thought perceives the process of strategy formation as a process of conception. The basic underlying approach in this school of thought perceives strategy formulation as a deliberate process whereby the internal organizational factors are often associated with its external environment. The basic feature of this school of thought lies in its simplicity and the ability to reduce ambiguity. However, overtly simple process is often associated with high degree of risk in distorting reality. The Planning School perceives the process of strategy formulation as a formal process whereby stringent steps are taken to ensure an appropriate analysis of the situation right from the conception stage to the final execution of the proposed strategy. It helps in providing a better understanding of the process of resource allocation and helps the strategists in exercising control over the strategy planning process. Although it might sometimes become too static and activities like group thinking and predicting might become cumbersome and difficult. This school of thought assumes strategic planning as an analytical process and places the business within the context of an industry in order to ascertain the manner in which organizations