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What is Your Strategy?
Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows:
“Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations”.
In other words, strategy is about:
- Where is the business trying to get to in the long-term (direction)
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- Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope)
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- How can the business perform better than the competition in those markets? (advantage)?
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- What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)?
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- What external, environmental factors affect the businesses’ ability to compete? (environment)?
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- What are the values and expectations of those who have power in and around the business? (stakeholders)
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KCC 
