Business Strategy: Understanding Strategic Fit, VRIO, and Porter’s Diamond

Posted by on Jan 10, 2025 in Labor Relations and Human Resources | 0 comments

What is a Strategy?

Strategy is “the dynamics of the firm’s relation with its environment for which the necessary actions are taken to achieve its goals and/or to increase performance by means of the rational use of resources”.

Reasons for Strategic Failure

  • A poor analysis or diagnosis of the problem: Due to the complexity and uncertainty associated with strategic decisions, the limited rationality of the people making the decisions may lead to a wrong diagnosis or to the failure to identify
Read More