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What Is Business Strategy?

In: Understanding Business Strategy

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  • Lourdesamy Iruthayasamy

Abstract

This chapter begins the narrative to the book with the question: What Is Business Strategy? Michael Porter’s work is taken as the point of departure. As the doyen of strategy, Porter represents the mainstream thinking on business strategy. The characteristics of strategy as conceived by Porter are presented as ‘tests’ of strategy. Five tests of strategy are discussed—creating value, a tailored value chain, trade-offs, continuity, and performance. Any robust strategy is seen as meeting these five tests. Numerous examples are provided that support the tests. Essentially, In this chapter introduces the reader to the fundamentals of business strategy in preparation for a more critical examination of strategy issues in the chapters that follow.

Suggested Citation

  • Lourdesamy Iruthayasamy, 2021. "What Is Business Strategy?," Springer Books, in: Understanding Business Strategy, chapter 0, pages 1-25, Springer.
    • Handle: RePEc:spr:sprchp:978-981-33-6542-1_1
    DOI: 10.1007/978-981-33-6542-1_1
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