Strategy

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Strategy Student’s Name Institution Strategy According to Porter (2013), a strategy is the main component of an organization's competitive capabilities in any particular industry. A strategy is an organization’s methods or unique approaches geared towards achieving a significant competitive advantage in the market. In this case, a business strategy is the core item behind the competitive and performance capabilities of an organization. In his arguments, Porter explains that the key to understanding the actual concept of a strategy is to first and foremost distinguish it from the operational effectiveness of an organization. In this case, the strategy involves undertaking business operations in a different a manner from that of the rival competitors. As the idea of operational effectiveness concentrates on outdoing other competitors in similar activities, a strategy intends to build a distinctive approach to improve a competitive business advantage in the industry. Porter’s five forces are a unique part of a company’s strategy development that evaluates and analyzes the competitive forces that shape any particular industry. In addition to this, these five elements identified by porter help in the development of a comprehensive corporate strategy through the proper classification and identification of the industry's structure. In a realistic scenario, profitability is the core objective of any particular company is a specific industry. In this case, the formulation of a business strategic development policies is based on the profitability aspect. The Porter's five forces lay down the explanations concerning profit sustainability through corporate strategy.

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