What is a strategy?
Term strategy is quite loosely used in industry and even in real life. As defined by Michael Porter in 1996 (Porter, 1996) that operational effectiveness, total quality management, benchmarking, re-engineering etc. is not a strategy. Similarly, the idea of doing something different in a situation is a simple trick but not a strategy. The argument is based on the logic that these steps or activities, though provided gains to the firm in short run but could be easily imitated by the competitors hence rarely lead to a source of sustainable growth. Hence the bigger question arises, what is a strategy? Continue reading