Strategy is the action managers take to achieve one or more of an organization’s objectives. Strategy can also be defined as “the general direction established for the company and its various components to achieve a desired state in the future. The strategy is the result of a detailed strategic planning process. ”
Strategy is the integration of the organization’s activities, as well as the use and allocation of limited resources within the organizational environment to achieve current objectives. When planning a strategy, it is important to keep in mind that decisions are not made in a vacuum and that any action taken by the company is likely to have a reaction from stakeholders, competitors, customers, employees or suppliers.
Strategy can also be defined as knowing the goals, the uncertainty of events, and the need to consider the probable or actual behavior of others. A strategy is a decision plan in an organization that shows its goals and objectives, reduces the key policies and plans to achieve those goals, and defines the business that the company must run, the type of economic and human organization that it wants to be. and the contribution it plans to make to its shareholders, customers, and society in general.
