What are the two prominent approch in business
Answers
Answer:
Business environments have become so diverse that companies today need different approaches to strategy in different circumstances, says Martin Reeves, senior partner and managing director of BCG’s Bruce Henderson Institute and author of the recently released book, Your Strategy Needs a Strategy. Large companies in particular should deploy separate strategies for different parts of business, and when they do so, research shows they perform better. In Part I of this Knowledge@Wharton interview, Reeves looks at the most common approaches to strategies and the biggest traps companies fall into when trying to formulate and implement them. Part II will cover connecting strategy to execution, the kind of leadership needed to implement different approaches to strategy and how large companies can deploy the right strategic approaches.
Explanation:
A business rules approach is a methodology—and possibly special technology—by which you capture, challenge, publish, automate, and change rules from a. strategic business perspective.
Besides the economic and organizational approaches, the literature also indicates another two similar approaches being used to formulate business strategy. The two approaches are the external and the internal approaches. Of these two approaches, the external approach has a wider focus and scope.