Difference Between Strategy Approaches and Strategy Concepts

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.

		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.

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		Jaap de Jonge Editor, Netherlands
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		Shobana Sharma (Shobana Maran) Student (MBA), United Arab Emirates
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		Mehul Doshi CxO / Board, India
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		John Henry Project Manager, United States
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		Jaap de Jonge Editor, Netherlands
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		Warren Miller, CPA, CFA Strategy Consultant, United States
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