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Strategy

In: Successful Management

Author

Listed:
  • Neville Bain

Abstract

Strategy is an essential building block for the company that is striving to maximise long-term value. It is based on the concept of finding a direction that yields a sustainable competitive advantage. To achieve this there is a need to analyse the wider environment, to pick out trends, to look carefully at customer requirements and to know in depth the qualities of competition. After the analysis and the evaluation, a strategy is defined which is a well-coordinated set of action programmes across the business, focused on longer-term value. To arrive at this position, the company will ensure linkage to the mission statement and be satisfied that the strategic plan builds from strengths to develop opportunities, but at the same time properly deals with the corporate weaknesses or threats to the business.

Suggested Citation

  • Neville Bain, 1995. "Strategy," Palgrave Macmillan Books, in: Successful Management, chapter 6, pages 86-103, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37415-7_6
    DOI: 10.1057/9780230374157_6
    as

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