Published online by Cambridge University Press: 10 January 2020
The importance of strategy has led scholars, consultants and managers to explore the term more intensively. From some of the important words used in the definitions of strategy, differences in various approaches to strategy formulation can be analysed and specific approaches can be identified. Keeping this in view, 273 strategy definitions were analysed using major nouns appearing in these definitions. The study obtained six distinct approaches to strategy formulation namely: the planning approach – related to long-term planning and execution to achieve organisation goals; fit approach – concerned with matching internal strengths and weakness with that of external opportunities and threats; emergent approach – involving adapting to change when needed; positioning approach – involving placing company in such a position so that it gains maximum advantage vis-à-vis its competitors; resource-based approach – identifying and utilizing key resources efficiently and finally, stakeholders' approach – protecting the interest of stakeholders. Using Content analysis, this study shows that each of the approaches emerged and dominated at different periods. This study also shows that during the last four decades, the positioning approach has been the most dominant approach followed by the resource-based approach.
To send this article to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you used this feature, you will be asked to authorise Cambridge Core to connect with your Dropbox account. Find out more about saving content to Dropbox.
To save this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you used this feature, you will be asked to authorise Cambridge Core to connect with your Google Drive account. Find out more about saving content to Google Drive.