Strategy & International Business

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3H Strategy & International Business 2001-2002

Sessions 1 & 2 The Elements of Strategy – Churchill Tableware

A. INTRODUCTION

The terms business policy, strategy, strategic management and corporate strategy tend to be used interchangeably by many management writers, although some attempt to derive distinctions between them. In many ways this reflects the nature of the subject as a relatively new academic discipline - where definitions and interpretations are still evolving. Never the less, there is an increasing recognition that, whatever name is used, its practice is a critical part of the management of most organizations.

By introducing a number of definitions and frameworks for strategy, the aim is to establish a broad appreciation of the strategic management process, recognizing in passing some of the debates that continue within the subject. Such an appreciation can then provide a solid foundation for understanding how the tools and techniques of strategic analysis, covered in the rest of this module, can contribute to the strategic management process.

Your Objectives

After this session and once you have read the relevant articles & extracts,

YOU WILL BE ABLE TO:

• Outline a number of definitions and frameworks which describe the main elements of strategy.

• Recognize some of the key debates and issues within strategic management.

• Understand the context in which the tools and techniques of strategic analysis can contribute to the strategic management process.

B. WHAT IS STRATEGY

The search for a single definition of strategy, or any of its related terms, is likely to hide more than it illuminates. Consequently, this Section explores the question “What is Strategy?” from a variety of perspectives.

ν An Historical Perspective

Whilst the study of strategy as a business discipline is relatively recent, the word…...

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