Strategy - Explained
What is Strategy?
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What is Strategy?
Strategy is an orientation toward specific goals or objectives. Strategy is carried out through a plan of organized actions. Developing a strategy or strategic plan involves research and planning.
Back to: STRATEGY & PLANNING
Various Components of Strategy
In the simplest terms, strategy is an approach to problem solving which entails the following stages:
- Diagnosis: Identifying the problem or coming up with a problem statement that elaborates on the nature of the goal.
- A Guiding Policy: Ideas, rules, allocation of resources to resolve the problem or inch towards the goal.
- Coherent Actions: Execution of the plans that have been conceived of to address the problem or achieve a particular goal.
Strategy can be further broken down into two main parts.
- Formulation: The Diagnosis and Guiding Policy stages make up the first part of strategizing for a goal.
- Implementation: Setting the plans into motion, executing all the steps leading up to the resolution of the problem or attaining a desired result happens at the Implementation stage.
- What is Strategy?
- What is Business Strategy?
- What is Management Strategy (Strategic Management)?
- Types of Business Strategy?
- Competitive Advantage
- Organizational Dynamics
- Business Model Overview
- How Management Develops a Strategic Plan