Strategic Management and What is Strategy

Field of strategy has several definitions and a common theme amongst these definitions is that strategy of a company is creating a unique ‘position’ of the company in the competitive landscape in which company operates by making trade-offs and creating a sustainable competitive advantage. There are different views on how a company can form its strategy. Two main perspectives of the field of strategic management are market based view and resource based view.

Market based view or school of strategy focuses its attention on the market i.e. environment and forces existing outside the company and recommends company to choose a strategic position according to the forces existing in the company micro and macro environment. Basically, this school of strategy argues that understanding industry and environment forces are important and essential to create a strategic position for the company.

While resource based view concentrates on analyzing thoroughly what are capabilities and resources of the company and according to that creating a competitive posting of the company. According to this school of thought companies shall deeply analysis its resources and try to convert these resources and capabilities into core competencies.

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