What is Strategy ?
The word strategy is used to mean several different aspect and several different things. Strategy is concerned to the higher management of the organization. Strategy is very important for the development and success of the organization. Strategy is concerned with the behavior of the people both individual and large number. Strategy is the way and scope of an organization in excess of one year or more .organization gains competitive advantage through employing unique resources and competition in a changing environment to fulfill stakeholder expectations.
In a strategy discussed longterm way of decision making. Strategies are about the overall roles and gain advantage in competition. Strategy must be in simplest form and fulfill the changing customer needs. Success of the business is depending upon the success of the strategy. Stakeholder expectation and business performance affected by strategy because strategies dramatically improve business performance.
Strategy made at three levels in the organization.
1. Corporate level: corporate strategy is concerned with the overall purpose and scope of the organization why does organization exist and how value will be added to the different business unit of the organization. Strategy made at the head office of the company is called corporate strategy. (E.g. nestle strategy made in Switzerland)
2. Business strategies: are those made at one strategic business unit or for competing in a particular market. (E.g. nestle strategy made in Faisalabad region or market.)
3. Operational strategies: operational strategies are made at every department of the organization for the efficient and effective use of resources. (E.g. strategy made at company sale and marketing.)
Different types of strategies.
1. Emergent strategies are time by time evolve and made at the spot of the time.
2. Incrementalism strategies are the extension of the past strategy.
3. Free wheeling opportunism strategy is made for the particular time period.