Question

What is the notion of strategy as action in the business market? What does it mean? What how can having a strategy plan help a business in a competitive market?

Answer 1

Notion of strategy as action in the business market means that strategic initiatives taken by an organization can be formulated in such a manner that these are all action oriented and work towards resolution of organizational challenges and achieve mission and goals of the organization. These strategies are actionable in nature and empower the workforce to utilize the resources and achieve maximum profits or revenue for the organization through their actions and insights gained through knowledge and skillsets.

Having a strategic plan can help a business in a competitive market since strategic plan gives a clear direction to the organization to achieve it's goals and mission and also the employees have a clear understanding of their roles, responsibilities and targets. This preemptive effort from each and every member of the organization is required to overcome competition from other organizations and it can only happen if strategy plan is clearly formulated and goals and directions are provided to the employees.