One of the most important aspects towards the success and growth of any organization or company is having a good strategy. The development and use of a sound business strategy has become an important issue in the modern business environment because of increased competition. In essence, modern businesses are experiencing tremendous challenges due to increased competition, which necessitates the establishment of a good business strategy. The issue of a business strategy has attracted considerable from various stakeholders in the business world including scholars. It has become a major issue because many business organizations lack coherent strategies to promote their success. In light of the significance of a sound business strategy in today’s business environment, Richard Rumelt has written a book on the difference between good strategy and bad strategy. According to Rumelt (2011), a good business strategy incorporates direction, identifies major challenges and how to overcome them, and promotes coherent action within an organization. In this case, a good strategy commences with acknowledging that there is usually a particular problem that needs to be addressed. Additionally, the strategy includes a diagnosis of the specific problem, guiding policy (which act as indicators of future direction), and coherent action for overcoming the...
Based on this process, Rumelt (2011) contends that strategy is not extravagant goals, but focuses on outlining how an organization will move forward. Therefore, a good strategy is centered on identifying critical issues (specific problems) and focusing action and resources on addressing the identified issues.References
Mikoluk, K. (2014, January 7). Business Strategy Examples: Four Strategies Businesses Use to Make Money. Retrieved October 11, 2017, from https://blog.udemy.com/business-strategy-examples/
Rumelt, R. (2011). Good strategy/bad strategy – The difference and why it matters. New York, NY: Crown Publishing Group.
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