What is meant by strategy

Strategy is a comprehensive plan for accomplishing an organization’s goal. – Ricky W. Grffin

Strategy refers to the determination of the purpose and the basic long-term objectives of an enterprise and the adoption of course of action and allocation of resources necessary to achieve these aims. – W.H. Newman

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Strategy means large scale action plans for interacting with the environment in order to achieve long- term goals. – Bartol N. Martin

Different types

1. Defensive strategy
   • Keep on sawing wood
   • Red herring across the trail
   • Counter attack
   • Capitalise on apparent unfavourable situation
2. Strategies for joint action

• Unity is strength
• Reciprocal strategy
• The power behind the throne

3. Timing strategy

• Keeping one jump ahead
• Things must get worse before they get better
• Strike while the iron is hot

4. Negotiation strategies

• Surprise
• Laying all cards on the table
• Higgling

5. Firm related strategy

• Organizational strategy
• Personal strategy
• Growth strategy
• Public relation strategy
• Financial strategy
• Marketing strategy

6. Functional level strategy
7. Business level strategy

Benefits

• Solution of problem
• Performance with different parties
• Helping for preparation of operational plan
• Establishing discipline
• To defense competitor
• Tools for achieving special objective
• Guideline of plan
• Maintenance of discipline
• To face internal and external situation
• Instrument for controlling
• Coordination

What factor should be considered in implementing corporate strategy

• Planning premises must be developed and communicated
• Strategies should be communicated to all key decision making managers.
• Making fittest organizational structure according to planning needs
• Action plan must contribute to and reflect major objectives and strategies
• To develop contingency strategies and programmes
• Strategies should be reviewed regularly
• Continuous teaching should be implemented for establishing planning and strategy

Process of developing effective

• Analyzing the conditions of the enterprise
• Identification of alternatives
• Evaluation of alternatives
• Review of goals and objectives
• Auditing internal conditions
• Implementation strategy
• Correction of strategy

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