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    Definition of Strategy

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    Amit Jain
    Strategy is a plan of action designed to achieve organizational objectives. It originated from the Greek word 'strategia' meaning generalship. A strategy relates an organization's strategic advantages to environmental challenges through a unified, comprehensive, and integrated plan. It ensures the firm's basic objectives are achieved through proper execution. Examples of strategies include marketing, business, technology, and trading strategies. Developing an effective strategy involves choosing an industry, setting objectives and goals, analyzing internal and external factors, implementing specific actions, and reviewing performance.

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    Definition of Strategy

    Uploaded by

    Amit Jain
    302 views5 pages
    Strategy is a plan of action designed to achieve organizational objectives. It originated from the Greek word 'strategia' meaning generalship. A strategy relates an organization's strategic advantages to environmental challenges through a unified, comprehensive, and integrated plan. It ensures the firm's basic objectives are achieved through proper execution. Examples of strategies include marketing, business, technology, and trading strategies. Developing an effective strategy involves choosing an industry, setting objectives and goals, analyzing internal and external factors, implementing specific actions, and reviewing performance.

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    Strategy is a plan of action designed to achieve organizational objectives. It originated from the Greek word 'strategia' meaning generalship. A strategy relates an organization's strategic advantages to environmental challenges through a unified, comprehensive, and integrated plan. It ensures the firm's basic objectives are achieved through proper execution. Examples of strategies include marketing, business, technology, and trading strategies. Developing an effective strategy involves choosing an industry, setting objectives and goals, analyzing internal and external factors, implementing specific actions, and reviewing performance.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    302 views5 pages

    Definition of Strategy

    Uploaded by

    Amit Jain
    Strategy is a plan of action designed to achieve organizational objectives. It originated from the Greek word 'strategia' meaning generalship. A strategy relates an organization's strategic advantages to environmental challenges through a unified, comprehensive, and integrated plan. It ensures the firm's basic objectives are achieved through proper execution. Examples of strategies include marketing, business, technology, and trading strategies. Developing an effective strategy involves choosing an industry, setting objectives and goals, analyzing internal and external factors, implementing specific actions, and reviewing performance.

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    © All Rights Reserved
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    of 5

    DEFINITION OF STRATEGY

    The word ‘strategy’ is derived from the Greek word


    ‘strategia’.
    Strategy is a plan or course of action, which is of vital,
    pervasive, or continuing importance to an organization as
    a whole. It is widely accepted that the emergence of
    strategy as a major component of management can be
    attributed to the increased sale and pace of
    technological change both within and outside the
    organizations.
    A strategy is the means used to achieve ends
    (Objectives).
    A strategy is a unified, comprehensive, and integrated
    plan that relates the strategic advantages of the firm to
    the challenges of the environment. It is designed to
    ensure that the basic objectives of the enterprise are
    achieved through proper execution by the organization.
    A strategy for a firm is one such game plan. A firm deals with a
    number of competitors simultaneously and with the government,
    suppliers, owners, lab our unions and others.

    A strategy is oriented toward basic issues such as :-


    • What is our Business?
    • What should it be?
    • What are our products and markets?
    • What can our firm do to accomplish objectives?

    In other words, a strategy is an action that managers take to attain


    one or more of the organization’s goals.
    Types of Strategies:-
    • Marketing Strategy,
    • Business Strategy,
    • Technology Strategy,
    • Trading Strategy, etc.
    Examples of Marketing Strategy

    Consumer
    Product

    How to bring consumer


    closer to the product?
    Example of Business Strategy
    Recent example of Toyota which brings a small car in the market to
    capture the market share. (Toyota Etios)
    Important Steps for execution of a Reliable Strategy:-

    • First, the organization must choose the type of industry in which


    it wishes to engage, i.e. Corporate Strategy.
    • Second, the organization should put up their “Vision” and
    “Mission” statement consistent with its business definition.
    • Third, the organization must develop strategic objectives or
    goals and set performance objectives. (Ex- at least 20% profit
    every year)
    • Fourth, based on its overall objectives and an analysis of both
    internal and external factors, the organization must create a
    specific business or competitive strategy that will fulfill its
    corporate goals. (Ex- pursuing a market strategy, being a low
    cost, a high volume producer)
    • Fifth, the organization then implements the business strategy by
    taking specific steps. (Ex- Lowering prices, forging partnerships,
    entering new distribution channels)
    • Finally, the organization needs to review its strategy
    effectiveness, measure its own performance and if required
    possibly change its strategy.

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