A strategy is a method or plan chosen to bring about the desired future, such as the achievement of a goal, objective, or solution to a problem. The strategy is the determination of the basic long-term goals and objectives of an enterprise and the adoption of a course of objectives and the allocation of resources necessary to carry out these goals and objectives.
Various types or forms of a strategy: There are basically five forms of a strategy. These are mentioned below:
- Intended strategies: Intended strategies combine an organization’s aspirations with its plans for future actions; they are focused on the future and what is meant to be.
- Realized Strategies: Realized Strategies refer to the past and depict what actually has come to pass.
- Deliberate Strategies: Deliberate strategies refer to elements of intended strategies that are actually realized.
- Unrealized Strategy: The plans that never materialize are labeled unrealized strategy.
- Emergent Strategies: Emergent Strategies are the strategies that take shape over time without specific initiation.
A company’s strategy consists of –
A company’s strategy consists of the following aspects:
- How to grow the business?
- How to satisfy customers?
- How to outcompete rivals:
- How to respond to changing market conditions?
- How to manage each fictional piece of the business and develop needed organizational capabilities; and,
- How to achieve strategic and financial objectives?