Business also has to respond to dynamic and often hostile external forces while pursuing their mission and objectives.
Very injection of strategy into business organization is intended to unravel complexity and to reduce uncertainty caused by the changes in the environment.
Strategy is the game plan that the management of a business uses to take market position, conduct its operations, attract and satisfy customers, complete successfully and achieve organizational objectives.
Strategy is associated with unified design and action for achieving major goals ,gaining command over the situation with a long range perspective and searching securing a critically advantageous position, its implications for corporate functioning are obvious.
Strategy can be defined as a long range blueprint of an organization's desired image, direction and destination, that is, what it wants to be, what it wants to do and where it wants to go.
According to William F Glueck:A unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved.
Strategy is consciously considered and flexibly designed scheme of corporate intent and action to mobilize resources, to direct human effort and behavior, to handle events and problems, to perceive and utilize opportunities, and to meet challenges and threats for corporate survival and success.
Strategy is no substitute for sound,alert and responsible management. Strategy can never be perfect, flawless and optimal .It is in the very nature of strategy that it is flexible and pragmatic to take care of sudden emergencies, pressures, and avoid failures and frustrations. In a sound strategy, allowances are made for possible miscalculations and unanticipated events.
Strategies are formulated at the corporate, divisional and functional levels.
Strategy is partly proactive and partly reactive.
A company's strategy is typically a blend of:-
➡️Proactive actions on the part of manages to improve the company's market position and financial performance.
➡️Reactions to unanticipated developments and fresh market conditions.
A company uses both proactive and reactive strategies to cope up the uncertain business environment. Proactive strategy is planned strategy whereas reactive strategy is adaptive reaction to changing circumstances.
1) Planned strategy, new initiatives plus ongoing strategy features continued from prior periods.
2)Reactive strategy:Adaptive reaction to changing circumstances.
🏹 ACTUAL COMPANY STRATEGY
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