1.

Strategy
At present, the business environment, in which business organizations exist and operate, is
becoming more complex and dynamic due to various factors such as globalization, rapid advancement
in information and communication system, economic political changes and socio-cultural shifts and
so on. The environment has been found very competitive and fast changing. The business firm which
could not cope with the environmental changes, may demise. Hence, every business organization
needs to be farsighted and visionary and must develop strategy in order to sustain and succeed in
the operating environment and to ensure the long term growth and prosper achieving its long term
objective.
Strategy is a road map for future actions for every organization. It provides long term direction
and scope to the organization. Strategy seeks to relate the goals of an organization to the means of
achieving them.
In business, Strategy is considered as:

a game plan by management to take position, conduct operation, attract customers and

compete successfully;
a comprehensive, unified or integrated plans and actions to achieve the desired business

goals and objectives;

a long term plan or blue print to achieve desired image, direction and destination for

organization;
an analysis, planning and implementation of actions or activities to take successfully
organization out from any adverse scenario and put organisation in the league of winners;

and
a plan adopted for survival, stability and growth of business

Strategy is the direction and scope of an organization over the long term, which achieves advantage
in a changing environment through its configuration of resources and competences with the aim of
fulfilling stakeholder expectations.

Resources are the assets of an organization which may be

tangible and intangible. Tangible resources are the physical resources of the firm like plant and
machinery, money and material etc.

However, intangible resources are non-physical assets like

information, reputation and knowledge. Likewise, competences are the activities and processes
through which an organization deploys its resources efficiently.