Response to Passion Credle: Strategy: A Recipe for Success
250 word response and Must include references
A strategy is a plan that details the means to an end. In the culinary industry, a recipe lists the ingredients and how to combine them to create a delicious meal. For a business to be successful, it is necessary to form a plan with the steps to execute it. As a business is launched, it must have a competitive advantage to avoid being overlooked or obsolete. With so many similar organizations in the marketplace, how can a firm stand out? It needs a plan that generates a competitive advantage (Barney & Hesterly, 2012).
Strategy, according to Boyles, is a “clear set of business goals…that creates value for the firm, customers, suppliers, and employees” (Boyles, 2022). A strategy analyzes a goal or several goals to determine its likelihood of success. It determines the following key factors when creating a competitive advantage for an organization: price, suppliers, employee recruitment and resource allocation (Boyles, 2022). These factors and more will determine the quality and quantity of one’s product or service, thus affecting the outcome of the organizational goal.
Proverbs 29:18 states, “where there is no vision, the people perish”—within an organization, where there is no strategy, the goal will not be executed successfully (KJV).
References
Barney, J. B., & Hesterly, W. S. (2012). Strategic Management and Competitive Advantage: Concepts. Prentice Hall.
Boyles, M. (2022, October 20). What Is Business Strategy & Why Is It Important? | HBS Online. Business Insights Blog. https://online.hbs.edu/blog/post/what-is-business-strategy
