Strategy means the skill of managing any affair. It is used to describe a pathway along which the organization moves towards its goals or objectives. Actually, it is an action plan for maximizes one’s strength against the forces at work in the business environment.
The process of crafting strategy at most companies tends to take one of the following four forms:-
- The Chief Architect approach:
Here owner or CEO assumes the role of chief strategist. He shapes most or all of the major pieces of strategy. There may be much brainstorming with subordinates and considerable analysis by specific departments.
- Delegation approach:
Here the manager in charge delegate’s big chunks of the strategy-making task to trusted subordinates, down-the-line managers in charge of key business units and departments.
- The collaborative or team Approach:
This is a middle approach whereby a manager with strategy-making responsibility takes the assistance and advice of key peers and subordinates in making a consensus strategy. Strategy teams include line and staff managers from different disciplines departmental units.
- The corporate entrepreneur approach:
The corporate entrepreneur approach, top management encourages individuals and teams to develop proposals for new product lines and new business ventures.
Each of the four basic strategy makings has strengths and weakness and each is workable in the “right” situation.