A strategy is a game
plan used by an organization to achieve its desired objectives within a specified period
of time. Strategy is about shaping the future. It is actually the human attempt
to get to desirable ends with available means (McKeown, 2011). It is the
overall scope and direction of a corporation and the way in which its various
business operations work together to achieve particular goals. According to
Porter (1996), “strategy is the creation of a unique and valuable position,
involving a different set of activities”. The word creation in his statement infers
that a strategy involves making choices after evaluating a set of available
actions.
Strategy may be looked
at from two perspectives;
1.
A method or plan chosen to bring about a
desired future, such as achievement of a goal or solution to a problem.
2.
The art and science of planning and
marshalling resources for their most efficient and effective use.
Tactics are employed in
decision making process, to make an accurate forecast of the future of the
business (Masanell & Ricart, 2009). It highlights the core purpose and
objectives of the organization and what exactly needs to be done in order to
realize those goals. Resources necessary are allocated. Tactics are employed to
ensure that the strategy objectives and goals are met.
Values: are the
fundamental beliefs of an entity. They are the principles we use to define that
which is right, good and just. Values provide guidance as we determine the
right versus the wrong, the good versus the bad. They would refer to acceptable
standards within the workspace which govern the behavior of the individuals
within the organization (Putnam, 2011). These values must be within the
organization’s purpose, mission and vision. Ethical considerations that act as
a guide to the behavior and morals of all the stakeholders in the organization
an organization’s values are largely set in its culture and traditions. Organizations
values are the foundation of the organization and are determined by what
customers expect in their day to day interactions with the organization.
Examples include:
·
Customer centered care
·
Empathy
·
Development
·
Enthusiasm
·
Partnership
-An organization's values should be clearly outlined in their mission statement as a way to build
commitment in its adoption within the fabric of the organization.
Values ensure the
health and wellbeing of the firm in the long run.
Concept value of firms
expands beyond economic value to include other forms of value such as employee
value, customer value, supplier value, channel partner value, alliance partner
value, managerial value and societal value.