Standardizing the Term “Strategy” in Retail and Business Curriculum

Abstract

Strategy is a key concept in retail and business education. Yet, this important term has evolved to include many definitions, which can create confusion in the classroom environment. This paper proposes a standardized use of the term “strategy” in retail and business classrooms. It suggests a focused definition of strategy as “the principle that guides and inspires an organization to achieve optimum and long-term business performance by obtaining and sustaining competitive advantages.” It also outlines the development and definitions of strategy and discusses issues and concerns regarding the various definitions of strategy in academia. The study supports the need for clarification and efforts to incorporate standardized language into retail and business classroom settings.

Keywords: Business, Competitive advantage, Curriculum, Education, Pedagogy, Retail, Strategy, Tactics.