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What is Strategy?

Level:: AS, A Level

Board:: AQA, Edexcel, OCR, IB

Business strategy is all about the choices that business make about about how to achieve their objectives.

Johnson and Scholes define strategy as:

"...the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations".

In other words, strategy is about:

Where is the business trying to get to in the long-term (strategic direction)
Which markets should a business compete in and what kind of activities are involved in such markets?
How the business perform better than its competition in those markets?
What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete?
What external, environmental factors affect the businesses' ability to compete?
What are the values and expectations of the stakeholders who have interest in and power over the business

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What is Strategy?

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