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Definition

Strategy

What is Strategy?

Strategy is the method of activity designed to attain quick, moderate, and long-term objectives. It is often described as a broad direction established both for the firm and its many aspects in order to attain a desirable condition in the coming years. The extensive strategic analysis produces strategy. The corporate, business entity and functional strategies are the three kinds of strategies.

Understanding Strategy

It is a course of action the company can pursue to achieve its strategic aims. It is the formulation of organizational missions, goals, and objectives, as well as action plans for achievement that explicitly recognize the competition and the impact of outside environmental forces. 

In an amphibious operation, strategy is a prudent idea or set of ideas for employing the instruments of national power in a synchronized and integrated fashion to achieve theater, national, and/or multinational objectives. 

A detailed examination of the firm's marketplace has always been part of a successful strategic plan. This section includes the current situation of the company, and also possibilities and dangers.

Characteristics

Before going into the mechanics of developing a strategy, this is necessary to grasp its qualities –

  • Customized strategy to beat the competition.
  • Specifics as to how executives should react to changes in the marketplace.
  • Epitomizes the path to mutual purpose.
  • Represents the tendency to efficiently utilize assets.
  • Increases the firm's prospects of meeting its goals.

Procedure

Below are the steps to develop a strategy to get achieve specific goals- 

  • Determine your purpose
  • Establish your top goals
  • Examine the company as well as the industry to determine how to achieve a competitive edge
  • Create a strategic foundation

Practical Example

Facebook is now omnipresent, but it was one of many social networking sites when it first began in 2004. At that period, MySpace was indeed the major social networking platform. So Facebook began by concentrating on a restricted target segment and then progressively grew. 

Now consider Google. It began as a B2C corporation that provided a web browser. However, it needed an income stream. To generate that cash, it created AdWords, an innovative product line aimed at companies that had to buy to promote. Those were their strategies.

In Sentences 

  • A strategy incorporates the services that are accessible and how to effectively use them to meet the goals stated.

 

Webster Dictionary Meaning

1. Strategy
- The science of military command, or the science of projecting campaigns and directing great military movements; generalship.
- The use of stratagem or artifice.
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