What is Business Strategy

Basic Ways to Think About The Big Picture

Strategy in business is the big picture. It is about picking goals for the enterprise and then figuring out what resources are going to be assembled to achieve those goals.

In order to discuss strategy development and implementation, we need to have a good idea about the various disciplines and functions that go into running a business. Now that you know how to drive the proverbial car, we need to think about where we want to go.

Etymology of Strategy

Etymology is the study of the origins of words and how their meaning has evolved over time.

The English word Strategy comes from the Greek στρατηγία which is pronounced stratēgia. In ancient Greek it means the “art of troop leader; office of general, command, generalship”. It was originally a military term.

The English word strategy comes from the Greek στρατηγία which is pronounced stratēgia, meaning “a general,” which in turn comes from roots meaning “army” and “lead.” The concept of strategy has always been tied up with leadership activities.

The Greek verb form means “to plan the destruction of one’s enemies through effective use of resources.” Many terms related to strategy like: objectives, mission, strengths, and weaknesses, were also developed through military usage.

Business is similar to military operations in many ways. In business we are looking to achieve goals through the effective use of resources, and we are looking to outperform competitors.

Strategy has to do with the view from the top of the organization and how it functions in its external environment. The external environment is made up of customers, competitors, and regulations.