Strategy Formation And Management Essay

4884 words - 20 pages

We are all blind people and strategy formulation is our elephant. Since no one has had the vision to see the entire beast everyone has grabbed hold of some part or the other and “railed on in utter ignorance” about the rest

Course Title: Bachelor in business studies

Module : MGT 330

Module title: Business Strategy

Submitted to : Mr Mervyn Sookun

Submitted by : Madan Gupta
Student Id no: 860199.

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Thus, it is equally important to brief the context on which the statement is based.
The authors have included a fable “THE BLIND MEN AND THE ELEPHANT” in the text which tries to show the actors’ perspective of thinking about an object. In the fable, various blind persons have to describe about an elephant by feeling it in some sense. As the persons are blind and the elephant, a big creature in compare to a human being so each person can feel about only some parts of the elephant thus resulting in describing the elephant highlighting the particular part of the elephant. The most interesting thing is the description made by each blind person. As the blind persons are describing the elephant in the context of their feeling only not covering the whole so it is felt that none is wrong in the description. However, we can say no one is complete too. Moreover, the description of the elephant is not just what they all feel but a lot when we have to describe as a whole.
The author tries to highlight the importance of business strategy and its formulation by comparing with the beast, the elephant. In business, we agree that we work in team of members having different level of knowledge, experience, capacity, thinking perspective, level of realization and so on. Thus, it is obvious that the members think about the business organization and its plan, implementation, achievement etc. depending on each member’s quality as a whole. By, this we can say that the strategy formulation about any organization is different based on different perspectives. Thus, the statement highlights the importance of Strategic management, a uniform tool to be seen, thought, followed and realized by all the members of the team in the organization responsible for sailing the business in a direction with constant increase in the achievement made and reaching the ultimate goal of the business.

Introduction.
When we say strategy we think it is just the way of making plans that defeats the enemies plan but it is not limited to that. What is strategy then? Strategy basically deals with three basic questions and it applies to get the answer of these questions. The three questions are 'where are we today?', 'where we want to go in future?', and 'how we can go there?'. Strategy basically makes a bridge among these questions. Initially, strategy is related with or derives form the military vocabulary as term or tool. Chandler, A.D. (1962). The word strategy can be defined as “Those decisions which have high medium – term to long – term impact on the activities of the organization, including the implementation of those decisions, to create value for customers and key stakeholders and to outperform competitors.” (Hubbard, G, 2000).

Porter redefined strategy in an article in Harvard Business Review entitled “ what is strategy? Porter, M. (1996). He argued that a lot of what is currently called ‘strategy’ (by which he mean business strategy or corporate strategy) is only operational...

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