What is a Strategy in Strategic management?

A strategy means, a smart way of determining and accomplishing goals and objectives. In this chapter, we discuss some key areas about strategies in the business context. This consists of, an introduction about strategy, elements of strategy, perspectives of strategies, and finally, levels of the strategies. What is a strategy? Simply a strategy can be defined as performing different activities, from competitors or performing the same activity in a unique way from the competitors. And also, Henry Mintzberg defines this as a form of a stream of decisions. According to Hitt, a strategy is a combined and synchronized set of commitments and activities designed to exploit fundamental competencies and increase a competitive advantage over others. Moreover, (Nicolaj, 2019) states strategy as a distinguishing array of interdependent choices that address certain questions.By considering all the above definitions about this term, there can be seen efforts to accomplish sustainable competitive advantage by preserving what is distinctive about an organization Elements of strategy There are mainly four elements and. It includes, An objective to achieve Where to compete (product, customer, Geography) Value proportion Source of competitive advantage Perspectives of strategies When considering about perspectives of strategies, there are the normative perspective and the descriptive perspective. From a normative perspective, the S is recognized as a science and developed purposefully step by step. And when it comes to descriptive perspective, it is recognized as an art. It emerges situational and does not develop purposefully. And also, creativity and imagination are used in descriptive perspective. Levels of strategy there are 3 levels such as corporate-strategy, Business-level …

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database management systems

What is a Database Management System? Introduction to DBMS

What is a DBMS? Nowadays, most business organizations use Database management systems to run their business operations smoothly. A Database Management System is software that centralizes and manages the data efficiently and gives access to the stored data through application programs. It acts as an interface between physical data files and application programs. Using database …

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cloud computing

Introduction to Cloud computing

What is cloud computing? Cloud computing means a model of computing that delivers a wide variety of services through a network, basically the internet. The services include software, computer processing, storage, and other services. These services are provided as a pool of virtualized resources, and users can access the information by using any connected device …

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Induction in human resource management

The induction is an essential function in human resource management that systematically and formally welcomes fresh employees to the organization. This chapter briefly describes several terms about this function including, the meaning of induction, importance, objectives, types of induction, and the process of induction. Learning outcomes Define induction function Explains the importance Objectives of induction …

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Training and development

Training and development

Training and development is one of the most vital functions in human resource management. Human resources are such a valuable resource in every organization; therefore, increasing human resources’ effectiveness is so beneficial. The training and development function’s role is to enhance employee’s skills, knowledge, and behavior to accomplish organizational goals and objectives. This chapter briefly …

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Controlling or control is an essential function in management. It is interrelated with other management functions as well. In simple words, the controlling function means a managerial function that compares actual performance in the organization with planned activities. This function helps managers identify any mistakes or errors and mitigate the risks of their plans. This …

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human resource management

What is Human Resource Management

Human resource management plays an essential role in the organization. Employees or the workforce is the most essential resource in an organization; therefore, it should manage well to reach organizational goals. This article discusses the fundamentals of human resource management, including the definition of human resource management, the importance of human resource management, its objectives, …

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