Business strategy plays a key role in determining the success of organizations. In view
of its important role, studies have attempted to investigate the approaches adopted
by organizations to develop as well as implement their business strategy. As far as the
approaches to business strategy are concerned, the review of past studies indicates
that organizations tend to adopt different approaches. At the same time, questions
have been raised as to whether these strategic approaches are relevant and applicable
to all organizations, especially with regard to their emphasis, focus and scope. Based
on the literature, this paper reviews the most common approaches to business
strategy and identifies the differences in their emphasis, focus and scope.