Difference Between Strategy Approaches and Strategy Concepts




Strategy and Innovation

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Hadit
Student (University)

Difference Between Strategy Approaches and Strategy Concepts

Hi, can someone please explain the difference between a strategy approach and a strategy concept? I'm not sure if I get it right, but to my mind an approach (like Resource-based View) describes a way to interpret the reality.
Whereas a strategy concept (like Core Competences by Prahalad and Hamel) is based on an approach (RBV) and describes actions in terms of strategies.
Please advise me.
 

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13
Elena Zhila
Project Manager, Germany
 

Strategy Approach versus Strategy Concept

Strategy approach is the way to interpret the problem while a concept is the way to solve the problem.
For example, profits are going down. One approach would be to interpret this as a profit problem and then apply concept revenue-cost, analyze revenue, analyze cost.
Another approach would be to interpret this as organizational problem and use organizational concepts; for example: are people motivated, do the incentive schemes function properly, and so on.
Hope that helps.

 
4
Hakim Moi
Strategy Consultant, United Kingdom
 

Strategy Approach versus Strategy Concept

Strategy concept is a vision of the future where you or a firm wants to be and therefore needs to do... Sign up

 
9
Jaap de Jonge
Editor, Netherlands
 

Approach versus Concept

@Hakim Moi: I agree that: - A concept is more or less the same as a model. It is a theoretical cons... Sign up

 
2
bernatdo reyes
Strategy Consultant, Mexico
 

Strategic Concept versus Strategic Approach

- A concept, it is a nonnumerical representation of reality, with the traditional isolated variables... Sign up

 
3
Shobana Sharma (Shobana Maran), United Arab Emirates
 

Strategic Approach versus Strategic Concept

In my view, a strategic approach is the way to explain the problem whereas a strategic concept is th... Sign up

 
2
Mehul Doshi
CxO / Board, India
 

Strategy Approach Using Resource Based View

It is important that your company's strategy approach is based on your company's SWOT and Resource-b... Sign up

 
0
John Henry
Project Manager, United States
 

Strategy is a Noun

It should not be used to describe other nouns. Approach, is a group of actions, or processes that s... Sign up

 
2
Jaap de Jonge
Editor, Netherlands
 

The Word Strategy can also Used in a Compound Noun

@John Henry: Your first sentence is IMO not correct ("It should not be used to describe other nouns.... Sign up

 
1
Warren D. Miller, CPA, CFA
Strategy Consultant, United States
 

Abuse of the Word 'Strategic'

Jaap, I think your comment about many people using 'strategic' as a synoym for 'important' was spot-... Sign up

 
2
Warren D. Miller, CPA, CFA
Strategy Consultant, United States
 

Strategy is not the Desired Outcome

@John Henry: I respectfully disagree, John. In no way is strategy 'a desired outcome.' Instead, 'Str... Sign up

   

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