16.1. WHAT IS STRATEGY?
Strategic management is a conscious thought process in which individuals and organizations set goals and means to reach them that guide action. In the military context, General Maxwell D. Taylor has characterized strategy as consisting of objectives, ways and means, which can be expressed as follows (Lykke, 2001, p. 179):
Strategy = Ends + Ways + Means
| Component | Definition |
|---|---|
| Ends | Objectives toward which one strives |
| Ways | Course of action |
| Means | Instruments by which some end can be achieved |
While the processes proposed for use in strategy formulation and implementation are often data based, analytical, and rational, it is imperative to recognize that strategy is also a synthetic process in which creativity is key in envisioning ...
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