Strategy, Business Information and Analysis Assignment - 2

Strategy, Business Information and Analysis - Assignment Example When a company does not know how to tackle the complexity being contributed by the external factors, the only option for addressing such issues would be to develop, design and implement a strategy. However, before going to implement, the strategy, it is highly significant to take into account the external and internal factors along with considering the examples of successful and failed strategies. In the following parts of this paper, first strategy has been defined in which Mintzberg’s 5Ps have been included. Subsequently, it is followed by the evolution of the word ‘strategy† has been provided. After that part, different schools of thoughts have also been included. Before the part addressing the question of strategy construction, the answer of the question (Does strategy matter?) has been provided. Strategy is a broad term (Snyder, 1999). Strategy has a specific definition and sense particularly within the context of business (Campbell et al. 2002). In this regard, Mintzberg (1987) defines strategy can have five different types of definitions: plan, ploy, pattern, position and perspective. And each is separately defined and explained below. Strategy can be defined as a plan (Mintzberg, 1987). It can be a course of action, a set of guidelines for carrying out specific actions for dealing with a particular situation (Mintzberg, 1987). Mintzberg (1987) further explains that this definition has two dimensions: the plans are developed in advance and concentrated and careful efforts are utilised for developing such plan. Subsequently, strategy can work as a ploy (Mintzberg, 1987). In this type of situation, an organisation tries to manoeuvre for the purpose of discouraging competitors from taking certain strategic action Mintzberg (1987). In this type of strategy, the organisation is not really interested to implement what it