アラビアン・ジャーナル・オブ・ビジネス・アンド・マネジメント・レビュー

Approaches to Formulating Business Strategy: A Review

Abstract

Hashim MK

Business strategy is essential to the success of organizations. Given the importance of strategy to organizational success, attempts have been made to study and capture the best approaches to formulate and implement business strategy. Over the years, through different studies, numerous different approaches to develop business strategy have been identified and promoted in the literature. However, there is not much information on the different strategic approaches, particularly in terms of their emphasis, focus as well as scope. Based on the literature review, this paper provides insight into some of the most common approaches adopted to formulate business strategy in organizations.