What It Takes For A Company To Succeed: Strategy Or Luck

1644 words - 7 pages

This issue is aimed at corporate level managers, who oversee the development of strategies for the whole organization; and business level of managers, who’s strategic role is to transmute the general statements of direction and intent that come from the corporate level into tangible strategies for individual businesses (Hill & Jones, 2010); and will be addressing the question of what it takes for a company to succeed, whether it be strategy or luck. Strategy will be defined and explained, and its importance for the success of an organisation discussed. The question of whether luck is essential for success as strategy will also be addressed, along with the resulting connotation of this discussion for the formulation and execution of Freedom Airways’ strategy. Luck is not an ingredient for the success of an organisation, while this issue will show that strategy is most certainly an essential ingredient for success.

What is strategy?

Despite years of research in the field, there is not one agreed upon definition for strategy (). According to Porter (1996), strategy is a blend of goals which the organisation is working towards achieving, and the systems, processes and procedures by which it aims to achieve them by. Porter describes strategy as differentiating one’s product or service in the eyes of the consumer or providing that service through a mix of activities unique from those of competitors. As such, strategy is about creating and maintaining a good competitive position. Strategy can be viewed as building defences against the competitive forces or finding a position
in the industry where the forces are weakest.

Mintzberg’s interrelated view on strategy is that it is a general plan of action an organisation has mapped out or a specific ploy in reaction to a situation or event. In alignment with Porters view, he asserts that strategy is the position an organisation occupies within the industry or is working towards occupying. He further elucidates that strategy is a pattern that can be perceived from the actions and activities of an organisation. This pattern in decisions and actions defines what Mintzberg called "realized" or emergent strategy. Mintzberg also puts it to us that strategy can also be the vision or perspective that one has for that organisation. Thus, a perspective, that necessitates a certain position, which is to be attained by way of a vigilantly fashioned plan, will have the eventual result and strategy reflected in a pattern evident in decisions and actions over time. Kenneth Andrews”s definition of strategy aligns with that of Mintzburg that it is the pattern of decisions that establishes and divulges an institutions goals, produces the principal policies and plans for achieving those goals, and defines the range of business the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders,...

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