Busiess Strategy

Strategic Management
(1) The concept of Strategy
Introduction – The top management of an organization is
concerned with the selection of a course of action from among
different alternatives to meet the organizational objectives. The
process by which objectives are formulated aand achieved is
known as strategic management and strategy acts as the means to
achieve the objective. Strategy is the grand design or an overall
‘plan’ which an organization chooses in order to move or react
towards the set of objectives by using its resources. Strategies most
often devote a general programme of action and an implied
deployed of emphasis and resources to attain comprehensive
objectives. An organization is considered efficient and
operationally effective if it is characterized by coordination
between objectives and strategies. There has to be integration of
the parts into a complete structure. Strategy helps the organization
to meet its uncertain situations with due diligence. Without a
strategy, the organization is like a ship without a rudder. It is like a
tramp, which has no particular destination to go to. Without an
appropriate strategy effectively implemented, the future is always
dark and hence, more are the chances of business failure.
Meaning of strategy – The word ‘strategy’ has entered in the
field of management from the military services where it refers to
apply the forces against an enemy to win a war. Originally, the
word strategy ha s been derived from Greek, ‘strategos’ which
means generalship. The word as used for the first time in around
400 BC. The word strategy means the art of the general to fight in
war.
The dictionary meaning of strategy is “the art of so moving or
disposing the instrument of warfare as to impose upon enemy, the
place time and conditions for fighting by one self”
In management, the concept of strategy is taken in more broader
terms. According to Glueck, “Strategy is the unified,
comprehensive and...