The concept of strategy in business has been borrowed from military science and sports where it implies out-maneuvering the opponent. The term ‘strategy’ began to be used in business with increase in competition and complexity of operations.
A businessman has to mod iffy his plans and actions in the light of the moves made by his competitors. Every business has a strategy, whether expressed or implied.
A strategy may be defined as gamesmanship or an administrative course of action designed to achieve success in the face of difficulties. It is the grand design or an overall plan which a company chooses in order to move or reach the mission and objectives.
It seeks to provide ad optimum match between the friend its environment. It is a plan prepared for unpredictable contingencies on the basis of anticipated behavior of others. “Strategy is the complex plan for bringing the organization from a given posture to a desired position in a future period of time”.
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”As an overall plan, “strategy is the pattern of objectives, purposes or goals and major policies and plans for achieving these goals stated in such a way as to define what business is in or to be in and the kind of company it is to-be.