Since the concept of business strategy was introduced, it has attracted tremendous attention among strategic management theorists, consultants and practitioners. The literature reveals that from the 1970s to the present, theorists, consultants and practitioners have attempted to identify, capture and learn the strategic approaches adopted by organizations. Based on the findings of their works, different approaches to strategy formulation have been established, presented as well as promoted in the literature. The review of the approaches suggests that developing business strategy in organizations has evolved from a simple to a much more complex process [2,4,19–28].
As far as the approaches are concerned, each claimed to be able to provide the ideal way for organizations to identify, formulate and implement their strategy to achieve their organizational objectives. The review of the literature also reveals that the differences among the strategic approaches tend to be influenced by not only how business strategy is defined but also in terms of their strategic focus as well as the extent of their scope. Furthermore, in certain cases, some of the approaches are found to be related and interdependent of each other. Accordingly, the following section presents as well as briefly explains some of the different approaches adopted to formulate business strategy as identified in the literature.
Comments