Strategy involves determining the direction and scope of an organization over the long term to match its resources to its changing environment and markets to meet stakeholder expectations. Strategy is the path chosen to pursue organizational goals, while tactics are the speed at which the strategy is pursued. Strategic management involves formulating and implementing strategies to achieve both short and long term objectives. Key contributors to the field include Igor Ansoff, Henry Mintzberg, Peter Drucker, and Michael Porter, who enriched the concept of strategic management with original insights.

1. What is strategy ?
Strategy is the direction and scope of an
organisation 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 clear cut choices about how to compete”
“ The direction or path chosen to pursue the
goal”.

2. What is the difference between Strategy
and Tactics.
Strategy is the path or choice made to
pursue the goal.
Tactic is the rate or speed at which you
pursue the strategy.

3. Evolution of the concept of strategic
Management
The
word Strategy comes from the Greek
work- Strategia, which means a General or
Military Commander( the art of the general)
Stratos- clouds
Argos- army
Thus literally it means, “ the view of the army
from the clouds”
War and Strategy are inseparable.

4. Strategic Management can be defined as
the set of decisions and actions resulting in
formulation and implementation of strategies
designed to achieve both the short and long
term objectives of an organization.
The strategist’s work is to challenge the
existing set up with a single question -Why?

5. Work done in the field of Strategy
The Gurus:
Igor Ansoff- pioneered the concept of
strategy
Henry Mintzberg
Peter Drucker
Michael Porter
All of them of them enriched the concept of
strategic management with their original insights.

6. Ansoff’s Strategic Success Paradigm
Igor
Ansoff conducted extensive research
on acquisitions by American companies
between 1948 and 1968.
He found that acquisitions based on a
rational strategy fared far better than
those that were based on opportunistic
decisions.

7. Ansoff’s success paradigm identified the following There is no universal success formula for all
firms.
The level of turbulence in the environment
determines the strategy required for the
success of a firm.
The aggressiveness of the strategy should be
aligned with the turbulence in the environment
to optimize the firm’s success.

8. The
management's capabilities should be
aligned with environment to optimise the
firm’s success.
Internal
capability variables i.e.- cognitive,
psychological, political, anthropological
and sociological variables, all jointly
determine the firm’s success.

9. The above findings , he translated into a diagnostic
instrument called “ Strategic Readiness Diagnosis”
Ansoff’s other contributionsHis book “ Corporate Strategy” (1965), played a key
role in the development of strategic planning.
An analytical Approach to Business Policy for
Growth and Expectation.
He introduced gap analysis and the concept of
synergy to a wide audience for the first time.
He created the famous “ Ansoff’s Grid”

10. Henry Mintzberg- Strategy as craft
The
next most influential thinker in the
field of strategic management – he gave
the personal side of the manager into the
picture.
Advocated a more humane approach to
strategy formulation and implementation
and coined “crafting strategy”.
Seminal work entitled “ The rise and fall
of Strategic Planning” & “Strategy Safari”

11. Peter Drucker ‘s contribution
Biggest
contribution to business strategy
was the introduction of the concept of
Management by Objectives (MBO).
The
focus was shifted from processes to
goals.
Major contributions- The practice of
Management , The Essential Drucker

12. Michael Porter:
Competitive Strategy and Competitive Advantage
 Based
on environment analysis, he introduced the
“ five forces model” .
 He introduced generic strategies like focus, cost
leadership and differentiation.
 He also introduced the value chain analysis.
 Literally his contributions include- Competitive
strategy(1980), Competitive Advantage(1985), The
Competitive Advantage of nations (1990)

13. Other
notable contributors in the field of
strategy includeC.K. Prahalad and Gary Hamel
Sumantra Ghoshal and Christopher Bartlett.
Kenechi Ohmae.
Chan Kim and Renee Maubourgne.