A strategy is a plan of action
designed to achieve a specific goal. Strategy is all about gaining (or being
prepared to gain) a position of advantage over adversaries or best exploiting
emerging possibilities. As there is always an element of uncertainty about
future, strategy is more about a set of options.
Also, Strategy is the direction and scope of an organization
over the long-term: which achieves advantage for the organization through its
configuration of resources within a challenging environment, to meet the needs
of markets and to fulfill stakeholder expectations
Strategy
at Different Levels of a Business
Strategies
exist at several levels in any organization - ranging from the overall business
(or group of businesses) through to individuals working in it.
Corporate
Strategy - is concerned with the overall purpose and scope of the business to
meet stakeholder expectations. This is a crucial level since it is heavily
influenced by investors in the business and acts to guide strategic
decision-making throughout the business. Corporate strategy is often stated
explicitly in a "mission statement".
Business
Unit Strategy - is concerned more with how a business competes successfully in
a particular market. It concerns strategic decisions about choice of products,
meeting needs of customers, gaining advantage over competitors, exploiting or
creating new opportunities etc.
