Woodside business strategy

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Description

Various scholars have defined the term strategy in various ways but all of them tend to describe the same concept with diversified words. Eden & Ackermann (2013) offers three major definitions of the word strategy in terms of an organization. According to Mintzberg (2012) a strategy can be a purposeful plan that is drafted or developed so as to achieve certain set goals and objectives. The second definition according to the same author is that a strategy is the process through which an organization’s decisions and activities aim at seizing the opportunities from the established strengths while at the same time aiming at enduring the threats. A strategy can also be described as consistent decisions making that are aimed at outdoing or gaining a competitive edge against the competitors.