Strategy Choices and Long Term Plans
Ask ten business people what strategy is, and most will give the same answer: Strategy is a long-term plan. My undergraduate students give a similar reply on the first day of my strategic management class. Besides, many folks use the word to inflate the importance of their activities. One business executive bragged, "I am excited because after one year we finished working on our five-year strategic plan." Though difficult, we did it. His strategic plan was an end-a goal. He presented it to his board of directors and then moved to another major project. That's not understanding strategy and strategic management. Strategy is About Choices I learned strategy as a teenager in college when I learned to play chess. Soon I discovered chess is a strategy game. Each person starts with a goal to capture the other person's king. Each must understand the value and role of individual chess pieces, particularly how each moves. The pawn advances one space, the knight in an in