A GLIMPSE INTO THE EVOLUTION OF STRATEGY IN BUSINESS

Sorin-George Toma ()
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Sorin-George Toma: Faculty of Administration and Business, University of Bucharest, Romania

Contemporary Economy Journal, 2024, vol. 9, issue 4, 6-13

Abstract: The postwar gradual transformation of businesses from supply-led to demand-led organizations led them to identify/design and implement new methods capable to match their resources and aims in order to fructify business opportunities in the markets. The importance of strategic plans, in particular, and of strategy, in general, in the business activity started to be increasingly recognized in the beginning of the 1950s. Since the emergence of its roots in the 1960s, the field of strategic management has undergone a rapid and impressive development in the business world. After the fall of the European communist regimes, the globalization era raised multiple challenges to businesses all over the world, such as uncessant change and technological disruptions. This is why strategy has become a must for any business organization, irrespective of its size or industry. The goal of the paper is to briefly present the evolution of strategy in the business domain, starting from the military science. To such end the author utilised a qualitative research method. The results of the paper show that there are various approaches related to the strategy concept. Based on a comprehensive literature review, the paper illustrates some of the most important characteristics of this concept. Also, the study demonstrates that strategy represents a key element for today’s business organizations.

Keywords: strategy; business; business organization; strategic management; United States of America (search for similar items in EconPapers)
JEL-codes: L19 M00 (search for similar items in EconPapers)
Date: 2024
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