In order to cater to local tastes and culinary traditions, a well-known restaurant chain offers general versions of its menu in different countries. This is an example of a multi-domestic strategy.
What is strategy?
- A strategy refers to a general plan for achieving one under uncertain circumstances.
- In the sense of "the art of the general", which includes some subset of skills including military tactics, siege warfare, logistics, etc., the term came into use in Byzantine parlance in the 6th century AD and was translated into the West.
- Indigenous languages until the 6th century AD in the 18th century.
- From then until the twentieth century, the term "strategy" was used in military conflicts in which both adversaries interacted, "in a dialectic of the will, a holistic attempt to pursue a political objective, including the threat or actual use of force."
- Strategy is important because the resources available to reach your goals are usually limited.
- Strategy generally involves setting goals and priorities, identifying actions to achieve goals, and mobilizing resources to carry out actions.
- Strategy describes how to achieve a goal using means.
- Strategy can be intentional or can emerge as patterns of activity as an organization adapts or competes in its environment.
- Includes activities such as strategic planning and strategic thinking
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