Understanding what strategy is, helps in strengthening a broad perspective on what a good strategy is, and how strategy development varies across contexts. The word strategy has come to have various classifications, leading to ambiguity as to what it means. The first goal of this paper is to report a distinct and shared knowledge as to what strategy implies for an enterprise. A strategy is a unified set of decisions that places an organization within its environment to accomplish its vision over the long term. In this paper, these questions are addressed by examining the context in which the firm competes, positioning of the firm and its competitive environment, resources, and capabilities that the firm possesses and its diversification initiative. This paper also highlights how firms compete by using the important analytical approaches that underlie the field of strategy. To compete successfully, one must view the firm in its totality and the context of its environment. This paper devises a good understanding of what managing a firm strategically implies.
Cite this article:
Anish K. Ravi. Reinventing Strategic Management: An Evolutionary Perspective. Asian Journal of Management. 2020;11(4):429-433. doi: 10.5958/2321-5763.2020.00065.7
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