Business Strategy Definition - Essay Example

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Business Strategy Definition According to Johnson & scholes (2005, Page 9) strategy is "the direction and scope of an organisation over the ...........

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Business Strategy Definition

Business Strategy Definition

According to Johnson & scholes (2005, Page 9) strategy is "the direction and scope of an organisation over the long period, ideally which seeks to match its resources to its changing environment and in particular its markets, customers or clients so as to meet stakeholder's expectations".

Strategy is viewed as a link between the firm and its environment (Grant, 2008). For a strategy to be successful it should be in harmony with the firms internal environment such as goals, values, resources, capabilities and systems, and the external environment in which it operates. Developing effective strategies cannot take place without firstly (Vignali et al, 2003) analysing the external environment in which the company operates. Vignali & Vrontis, (2004) further suggested that environmental scanning of both the external and internal environment is necessary to formulate the strategy to reach their

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