Strategy And Its Importance

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

rapid changes occur in the environment of the firm. Steps in
formulation of strategy include defining the company mission, assessing the external environment, industry analysis, evaluating the multinational environment, environmental forecasting, company profile internal analysis of the firm, formulating long-germ objectives and grand strategies. Strategy formulation must be based on incomplete and uncertain information about classes of alternatives.
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.

Article Written By manas

Pen is mightier than sword. It has always been and will be. Creative thoughts can be developed and circulated among the public to overall growth and development. Writing is the only way through which one can do the same. I have a deep inclination towards writing.

Last updated on 29-07-2016 6K 1

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