What are the components of a Strategy?

Discuss the components of a Strategy.

(a) Scope or Domain.
The scope of an organization refers to the breadth of its strategic domain the number and types of industries, product lines, and market segments it competes in or plans to enter. Decisions about an organization's strategic scope should reflect management's view of the firm's purpose or mission. This common thread among its various activities and product-markets defines the essential nature of what its business is and what it should be.

(b) Resource deployments
Both past and present resource and skill deployment that help to achieve organizational goals. These are also referred to as the organizational distinctive competence.

(c) Competitive Advantages
The unique competitive position developed by an organization through its pattern of resource deployment and scope decisions. it refers to examining the market opportunities in each business and product-market and the firm’s distinctive competencies or strengths relative to competitors.

(d) Synergy
This exists when the firm’s businesses, products, markets, resource deployments and competencies complement one another i.e., the whole becomes greater than the sum of its parts (2+2=5)
Strategies can be classified into corporate, business-unit and functional strategies.

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maurice.mutuku answered the question on April 16, 2019 at 11:22

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