Corporate Strategy Essay

7565 WordsMar 20, 201531 Pages
PARIS GRADUATE SCHOOL OF MANAGEMENT INTERNATIONAL EXECUTIVE MBA COURSE TITLE: CORPORATE STRATEGY BY SAMUEL KWESI ATULE (WA14064) BATCH 33 MBA IN STRATEGIC AND PROJECT MANAGEMENT ACCRA, GHANA 15TH JANUARY, 2014 Q1. Discuss strategy, its type, its essence and its formulation (35 Marks) INTRODUCTION Strategy refers to the determination of long-term goals and objectives, the adoption of courses of action and associated allocation of resources required to achieve goals. Strategy is concerned with long-term direction of an organization and strategic decisions are mainly concerned with the scope of an organization‘s activities. it is the direction and scope of an organization over the long-term which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stake holder‘s expectations. Kavale (2012). A strategy is some sort of future plan of action, usually understood as being undertaken by senior management at a high level of abstraction. Neil (2013). An explicit and mutually reinforcing set of goals and functional policies is needed to counter the centrifugal forces that lead functional departments in separate directions. Strategy, in modern language, is a solution to the agency problem that arises because senior management cannot participate in or monitor all decisions and directly ensure the consistency of the myriad of individual actions and choices that make up a firm’s ongoing activities. Porter (1991). ESSENCE OF STRATEGY The essence of strategy is in choosing to perform activities differently or to perform different activities than rivals. Otherwise, a strategy is nothing more than a marketing slogan that will not withstand competition. Porter (1996). If an overarching strategy is well understood throughout the organization, many actions are obviously ruled

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