Michael Hill

In: Business and Management

Submitted By kiranpreet
Words 3794
Pages 16
Strategy and Planning
What is Strategy?

The term ‘strategy’ proliferates in discussions of business. The term ‘strategy’ is derived from the Greek word ‘stratēgia’, which means the “art of the troop leader”: a plan, course of action, or a set of decisions creating a pattern or a common link. All the successful business enterprises today constantly take in new information about their markets, customers, and operating environments. Then, management uses that knowledge and data to shape new strategic directions, to reorganise how they respond to marketplace demands, and to ensure that their views regarding all aspects of the business are fresh and viable. Strategy is the direction and scope of an organisation over the long-term, which achieves advantage for the organisation through its configuration of resources within a challenging environment to meet the needs of markets and to fulfil stakeholder expectations.

What is the difference between Tactics and Strategy?

Strategy differs from tactics. Tactics are schemes for specific manoeuvres, whereas strategy is the overall plan for deploying resources to establish a favourable position. An organisation’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers and achieve organisational objectives. Strategy is a plan or course of action denoting a pattern which evolves a direction for the organisation. It relates to pursuing those activities which move an organisation from its current position to a desired future state. It is concerned with the resources necessary for implementing a plan or following a particular course of action. It describes an organisation’s activities for the present as well as for the future by making trade-offs between its different activities.

Strategy is about achieving competitive advantage through delivering a…...

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