Principles and Practices of Strategy for Effective and Efficient Performance of Business Organisations

Abstract

Every organisation that strives for constructive results should first consider coming up with a strategy to help select the best and more efficient way to maintain the profitability and competitiveness. Many researchers have come up with various approaches in an attempt to explain how strategy can be applied in different sectors. Undoubtedly, a good strategy always stems from a thorough analysis of the organization’s position in the market and that’s where its strength and weaknesses, together with the opportunities and threats are incorporated. Further, a strategy without goals is nothing, setting goals is vital because they determine the future direction of a company. Therefore, this paper is aimed at discussing on strategy using narrative review of the literature as a methodology in an effort to understand and appreciate how strategy can be of help in an organisation. This methodology of study was chosen due to the fact that knowledge production in the field of business research is accelerating at a tremendous rate, while remaining fragmented and interdisciplinary. Consequently, literature studies as a research method are more relevant than ever. Traditional literature reviews often lack thoroughness and consistency and are conducted ad hoc rather than following specific methodologies. It further explores different strategies that can be used to foster better performance in an organisation. Different sources were utilized to review the literature which included; google scholar, pdf drive, JSTOR among others. Keywords: Narrative literature review, Strategy, Strategic Priorities, Methodology, competitive, Leadership. DOI: 10.7176/EJBM/14-14-06 Publication date: July 31 st 2022