Strategy – Definition, and Features
Strategy represents an action that managers of an organization take to achieve the company’s desired outcomes. The word “Strategy” comes from Greek which is a combination of two words such as “stratus (meaning army)” and “ago (meaning moving).” It can also be defined as the direction set for the organization and its several parts to attain chosen results. You can build a strong strategy by creating a comprehensive strategic planning process.
A strategy’s main aim is to integrate organizational actions and exploit and direct the resources within the environment. This is crucial to achieving the present goals. While building a strategy, keep some important factors in mind, such as suppliers, competitors, employees, customers, and other relevant factors associated with your firm.
Strategy includes various factors and behaviors of customers, shareholders, society, and others. It can also be explained as knowledge of the objectives, the vagueness of functions, and the requisite to take into knowledge. In short, you can call it a blueprint of goals and objectives. Sometimes, you need to compromise on several policies just to meet the goals.
Features of Strategy:
- It is really important to see future outcomes. Without an effective strategy, companies can deal with uncertain events and negative results. Because these things can disrupt the business of an organization.
- Strategy involves long-term developments such as product innovation, unique and effective methods of production, and more.
- Strategy is crucial to understanding the behavior of consumers and rival companies. It also helps to determine employee behavior.
Strategy helps to define the roadmap of a company. On the other hand, it also defines an organization’s mission, direction, and vision. Thus, it aims to maximize a company’s opportunities and strengths and minimize its weaknesses and threats.
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