Difference Between Strategy Approaches and Strategy Concepts

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Difference Between Strategy Approaches and Strategy Concepts
Hadit, Member
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.

Strategy Approach versus Strategy Concept
Elena Zhila, Member
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.

Strategy Approach versus Strategy Concept
Hakim Moi, Member
Strategy concept is a vision of the future where you or a firm wants to be and therefore needs to do something about getting to there from the current position or situation.
Strategy approach is about development and transformation from where you are to where you want to be, from current situation to the future state or vision that you want to get to.
Concept describes the thought process, model or picture and approach describes the actions to realize the concept (vision).

Approach versus Concept
Jaap de Jonge, Editor
@Hakim Moi: I agree that:
- A concept is more or less the same as a model. It is a theoretical construct that aims to reflect reality as close as possible. It is a way of representing something in order to understand it.
- An approach is a set of actions (out of more alternatives) aimed at achieving something practical. It is a way of dealing with something in order to act towards it.
Note that there may be considerable differences in how these terms are viewed in context and internationally. There exists no universal "truth" in this matter.

Strategic Concept versus Strategic Approach
bernatdo reyes, Member
- A concept, it is a nonnumerical representation of reality, with the traditional isolated variables that "represent" the phenomenon, a concept it is a theory used to understand what we perceived; it offers a simplified situation that allows to at least grasp what to expect.
- An approach is a perspective of how things could flow, it represents a map for deducing action. It represents our perception of present tendencies mixed with the future we want to build.
Both approach and concept have to be interwoven in any project.

Strategic Approach versus Strategic Concept
Shobana Sharma (Shobana Maran), Member
In my view, a strategic approach is the way to explain the problem whereas a strategic concept is the way to solve the problem.


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