STRATEGY AND ITS FEATURES

 

Meaning of Strategy

In ancient Greece, the term Strategos was used in military science and implied the plan to win a battle. However, in business, strategies are more about understanding the competition and preparing a plan to match/surpass the potential of the rivals. It is defined as:

“Strategy is the direction and scope of an organization over the long-term. It helps achieve an advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and fulfill stakeholder expectations.”

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Features of Strategy

• Specialized plan to outperform the competitors.
• Details about how managers must respond to any change in the business environment.
• Redefines direction towards common goals.
• Reflects the concern to effectively mobilize resources.
• Maximizes the organization’s chances to achieve the set objectives