Management Fix: Company Strategy Definition

We believe the Management Fixes are common and typical so every description is created and adapted from articles, blog posts and definitions from other sources and authors.

This week’s MngtFix is…

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Description

This week’s “Company Strategy Definition” is a sure solution for many organizational problems.

By definition, company or business strategy is a combination of all the decisions and actions performed by the business to accomplish the business goals and to secure a competitive position in the market.
(Extracted and adapted from https://www.feedough.com/business-strategy-definition-levels-examples/#What-Is-Business-Strategy)

A company strategy is a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business like:

  • Achieving effectiveness,
  • Perceiving and utilizing opportunities,
  • Mobilizing resources,
  • Securing an advantageous position,
  • Meeting challenges and threats,
  • Directing efforts and behavior and
  • Gaining command over the situation.

(Extracted and adapted from https://businessjargons.com/business-strategy.html)

Some of the reasons why having a strategy is important are:

  • Serve as Guide
  • Identify Trends
  • Vision and direction for the whole organization
  • Competitive Advantage

(Extracted and adapted from https://evolve.ie/q-and-a/business-strategy-important/)

Without the strategy, a path to achieving goals is not clearly defined, and the business will hit roadblocks without any immediate solutions to move forward.
(Extracted and adapted from https://smallbusiness.chron.com/importance-business-strategies-4630.html)

Known Associates

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This MngtFix has been mentioned with many MngtBugs such as…
“Lack of Management Support”,
“Customer Dissatisfaction”,
“Lack of a Strategic Overview”,
“Lack of Sales”,
and of course “Lack of Company Strategy”!

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Have a lovely week and remember…
Human Managers should be open to being inspired and inspire others!

Written by

Eduardo Espinheira is a Consultant, Facilitator, Manager, Public Speaker, Creator of the Management Bugs&Fixes and the Machiavellian PM Stories

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