Strategy is a set of decision making rules or procedures for guidance of organizational behaviour. According to managers strategy means their large scale, future oriented plans with the competitive environment to optimize achievement of organization objectives. It shows a firms ` Game Plan’ and provides a framework for managerial decisions. It also reflects a company’s awareness of how to compete , against whom, when, where and for what.
Strategy is a powerful weapon for coping with the conditions of change or alter which surround the firm today. It is complex and costly to introduce and use. It is formulated when
Strategy formulations results in no immediate action. It becomes unnecessary whenever the historical dynamics of an organization will take it where it wants to go. Successful use of strategy requires strategic feedback.
Finally, we can say strategy sets the general directions in which the firm’s position will grow and develop.