What is the definition of strategy?
Strategy tells us how the goal we have set will be achieved, and can be defined as “Strategy is a deliberate search for a plan of action that will develop and sustain a business’s competitive advantages” by Porter (1991).
There are many different types of strategies. Examples of a strategy can be a business strategy, competitive strategy, or sales strategy. A strategy is largely about defining a direction and getting people on board. To reach your goal in the best possible way, it is therefore important that a strategy is communicated to everyone it is relevant for.
Why should companies have a strategy?
All companies should have an overarching strategy to achieve their goals in the best possible way. A strategy is essential for maintaining focus on what truly matters for reaching those goals.
How to implement a strategy?
When implementing a strategy, a key success factor is securing strong internal buy-in across the organization. Successful strategy implementation requires execution capability and momentum, while structuring tasks in a systematic way. A system is used to create a framework around the strategy and the goals to be achieved; a well-known framework used for strategy work is OKR.
Summary
Strategy means “warfare” or “the art of the general” and tells us how the goals we have set are to be achieved. Every company should have an overarching strategy to maximize its chances of reaching its objectives.
Frequently Asked Questions:
What is strategy?
Strategy is about setting a direction for the goal a company wants to achieve.
What is an example of a strategy?
An example of a strategy depends on what type of strategy you are working with. There are different types of strategies, for example business strategy, marketing strategy, and sales strategy.
