scholes define strategy as the direction and scope of an organization over the long term, which...

scholes define strategy as the direction and scope of an organization over the long term, which achieves advantage in changing environment through its configuration of resources and competences with the aim of fulfilling stakeholders expectations. discuss the key components of this definition citing practical industry examples

Expert Solution

Answer) Following are the key components of given definition along with examples

long term-Here long term is an important concept as far as strategy is considered,instead of short term fixes,most companies wants to have a long term solution in form of strategy,this strategy being long term gets incorporated in all stakeholders over a period of time.An example of this would be Siemens which changed its strategy to serving society as a long term strategy and yielded results.
Direction-What you want your organization to be known for,what is its niche is something which is kept in mind while making strategy.Tesla for example as an organization is known for battery driven cars or innovation worldwide
Scope-How big your strategy or how much will i cover,is it just keeping in mind the current size of organization or includes future possible expansion as well,most of companies while strategizing keeps in mind their expansion possibilities.Amazon for example expanded both in geography and employees as part of its strategy,entering new areas in process.
Advantage in changing environment through its consfiguration of resources and competences-Aim of strategy is to be able to be adapt quickly to changing environment and eliminate what is redundant and focus on what is the flavor of present.For example Make my trip in pandemic times started virtual world tour giving viewers a paid virtual tour from their homes and adapting according to environment.
Fulfilling stakeholder expectations-Another component of this definition is how strategy is aligned with stakeholders' expectations,be it in terms of monetary expectations such as dividends or culture within organization or how company should be seen in public eyes.An example of this would Medifast which pays high dividend to its shareholders along with fast growth.

Answer is complete.Thank you!

Rahul Sunny answered 2 years ago

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