Strategy

Strategy, in its simplest meaning, implies a course of action that defines and achieves organization’s objectives and implements its missions. Strategy is a means to achieve the goals. In a broader perspective, it represents the organization’s Reponses to its environment over a period of time. Schemed and Hasten define strategy as “the basic goals and objectives of the organization, the major programmers of action chosen to reach these goals and objectives, and  major patterns of resource allocation abused to related the organization to its environment.

Strategy is “large- scale future- oriented plans for competing in designated products and markets to achieve organization’s objectives.” “A strategy creates a unified direction for the organization in terms of its many objectives, and it guides the deployment of the resources used to move the organization towards those objectives. “ It provides a framework for top managers to exploit environmental opportunities, overcome threats, make full use of their strengths and offset the weaknesses to make corporate decisions. “While strategy is a comprehensive plan that accomplishes and organization’s goals, effective strategies are those that promote a superior alignment between the organization and its environment and the achievement of strategic goals. “Strategy thus, defines the relationship between a firm and it s environment. Determining a strategy involves answering a number of questions like what will be the target group of customers, what are their needs, what market segment do they represent, etc? The process of formulating a strategy so that organization can compete in the changing environment is called strategic planning.

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