Bracker, J. (1980) The historical development of the strategic management concept.

Question 1

GOAL

Answer 1

examine how the concept of strategy has evolved into the field of strategic management and provide a definition

Question 2

Our word strategy comes from the Greek

Answer 2

strategos, “a general,” which in turn comes from roots meaning “army” and “lead.” The Greek verb stratego means to “plan the destruction of one’s enemies through effective use of resources.

Question 3

First application of strategy to business

Answer 3

Socrates showed Nichomachides that in either case (general and businessman) one plans the use of one’s resources to meet objectives.

Question 4

After the war

Answer 4

because of stable environment and rapidly changing competition, the need for strategy became more business like. “The accelerated rate of change put a premium on the ability to anticipate change, to take advantage of new opportunities, and to take timely action in avoiding threats to the firm.”

Question 5

Business strategy has the following characteristics

Answer 5

an environmental or situational analysis is used to determine a firms posture in its field, and then the firm’s resources are utilized in an appropriate manner to attain its major goals.

Question 6

Strategic management is the direct organizational application of

Answer 6

the concepts of business strategy that have been developed in the academic realm. That is, strategic management entails the analysis of internal and external environments of a firm to maximize the utilization of resources in relation to objectives. (MACRO definition)

Question 7

Why strategic management is important

Answer 7

it gives organizations a framework for developing abilities for anticipating and coping with change. It also helps to develop the ability to deal with uncertain futures by defining a procedure for accomplishing goals.