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The Concept of Business Strategy

In this article an attempt is made to define the concept of business strategy by tracing the evolution of the same. The word 'strategy' means several things to several people at different points of time, which include, achieving long-term objectives of the organisation; finding a match between organisational resources and opportunities in the outside environment; as a vehicle for achieving competitive advantage; and a mechanism for coping with a turbulent environment. Just as there are different definitions of strategy, there are different approaches to formulating strategy. In this article we discuss the following eight approaches: 1. Strategic Hierarchy Approach, 2. Shotgun Strategies, 3. Street-smart Strategies, 4. Intuitive strategies, 5. Generic Strategies, 6. Strategic Intent, 7. Strategic Posture, and 8. Creative Strategies.