What is Strategy and Features of Strategy
Download as PPTX, PDF0 likes446 views
Strategy is defined as the actions that managers take to achieve organizational goals and provide direction for the company. It results from strategic planning and takes into account goals, uncertainties, and how others may behave. Key features of strategy include having specialized plans to outperform competitors, detailing how to respond to business environment changes, redefining direction towards common goals, and maximizing chances of achieving objectives. Strategy relates the firm to its external environment in setting objectives and allocating resources, and considers both external and internal factors like strengths and weaknesses to determine the right combination of actions for a given situation.
1 of 5
Download to read offline
More Related Content
What's hot (20)
Ad
Similar to What is Strategy and Features of Strategy (20)
Ad
More from VenkatasaiMalla (20)
What is Strategy and Features of Strategy
- 1. Done by A. Sandesh Reg no 190209120001 Pkd campus What is Strategy and Features of Strategy
- 2. Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”. Strategy can also be defined as knowledge of the goals, the uncertainty of events and the need to take into consideration the likely or actual behavior of others. Strategy
- 3. 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.
- 4. 1. Strategy relates the firm to it environment , particularly the external environment in all actions whether objective setting or actions and resources required for its achievement. 2. Strategy is the right combination of factors both external and internal. In relating an organization to its environment the management must also consider the internal factors too particularly its strengths and weaknesses to take various courses of action. 3. Strategy is relative combination of actions. The combination is to meet a particular condition, to solve certain problems, or to attain a desirable objective. It may take any form; for every situation varies and, therefore, requires a somewhat different approach.
- 5. Thank you