Approaches to Formulating Business Strategy: A ReviewHashim MK*
College of Business University, Strategic Management/Small and Medium-sized Enterprises, Utara, Malaysia
- *Corresponding Author:
- Hashim MK
College of Business University
Strategic Management/Small and Medium-sized Enterprises
E-mail: [email protected]
Received Date: November 16, 2016; Accepted Date: November 17, 2016; Published Date: November 27, 2016
Citation: Hashim MK (2016) Approaches to Formulating Business Strategy: A Review. Arabian J Bus Manag Review 7: 281. doi: 10.4172/2223-5833.1000281
Copyright: © 2016 Hashim MK. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Business strategy is essential to the success of organizations. Given the importance of strategy to organizational success, attempts have been made to study and capture the best approaches to formulate and implement business strategy. Over the years, through different studies, numerous different approaches to develop business strategy have been identified and promoted in the literature. However, there is not much information on the different strategic approaches, particularly in terms of their emphasis, focus as well as scope. Based on the literature review, this paper provides insight into some of the most common approaches adopted to formulate business strategy in organizations.