Question

Is Business Strategy a mixture of luck and judgments, opportunities and design, or more of an art than a science? Explain with your own arguments clearly.

Answer 1

In my knowledge, business strategy is both an art and science because while making a business strategy, it requires both the elements of art and science in a following way:

Elements of art required in business strategy

• Practical konwledge: Art consists of practical knowledge, It is not sufficient to learn theory only. Art tells you to implement the practical application of the theories.
• Goal-Oriented: Art works on the results. Business strategies are made to achieve goals of the company. So, there is an art in defining business strategies for the organization.

?Elements of science required in business strategy

• Concepts: Science is full of concepts. What you have on your mind can be clearly displayed as a concept. In defining business strategies, concepts are useful in order to deal with the situations.
• Methods and principles: Methods and principles are based on the facts that are determined through observation. Management also requires observations to set principles and standards.

Hence, we can say that business strategy is both art and science.