TABLE OF CONTENTS Strategy comes from the Greek word ' strategos' meaning 'general' but in its modern usage in the strategic literature it has been used in different ways. Strategy in contemporary general usage refers to a plan of how to get to a chosen position. In economic terms it is the means (how) to achieving the ends (objectives). Historically, writers have referred to strategies discussing means and ends (Andrews et al., 1965; Chandler, 1962). Hofer and Schendel (1978, p. 5) refer to this as a broad definition of strategy. The narrower definition focuses purely on the means to achieving the end result.
Historically, the strategy literature tends to fall into two distinct categories descriptive and prescriptive. Descriptive approaches report observations of organizational strategy and they may attempt to explain. Prescriptive approaches make statements of what strategy ought to be, whereas in essence descriptive approaches focus on what has been. Practising managers and consultants often adopt the prescriptive approach in a planning context. Academics and practising managers may describe actual strategy observing patterns from the past behaviours of the firm.
Mintzberg (1997) offers a number of definitions using five Ps:
Plan looking forward is the traditional definition of strategy (prescriptive);
Pattern looking back at consistency of behaviours over time (descriptive);
Position looks in at products and markets;
Perspective looks out, fundamental way of doing things, a theory of the business;
Ploy manoeuvre (to...
