Strategy is an action plan for achieving the desired short, medium, and long-term goals. It refers to the overall business plan of the business to reach the potential customers of the product or service and to turn the potential customers into permanent customers.
Steps in the strategy formulation process:
- Determining the objectives of the organization
- Analysis of organizational environment
- Quantitative goal formation
- Objectives in context with departmental planning
- Performance Analysis
- Selection of Strategy
Definition of Strategy by Different Authors
According to Peter F Drucker (1954), “Strategy is analyzing the present situation and changing it whenever necessary. Incorporated within this is finding out what one’s resources are or what they should be.”
According to Henry Mintzberg (1967), “Strategy is the addition of the decisions taken by an organization in all aspects, as much commercial as structural, with the strategy developing in accordance with the learning process of the firm’s manager.”
In the opinion of Alex R. Miller, Gregory G. Dess (1996), “Strategy is a set of plans or decisions made in an effort to help organizations achieve their objectives.” Books Strategic Management
Thomas J. Cannon (1968) defines, “Strategies are the directional action decisions which are competitively required to achieve the company’s purpose.” book name: Business Strategy and Policy 1968
According to Chandler (1962), “Strategy is the determinant of the basic long-term goals of a firm and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.”
Schendel & Hatten (1972) defined, “Strategy is the basic goals and objectives of the organization, the major programs of action chosen to reach these goals and objectives, and the major pattern of resource allocation used to relate the organization to its environment.”
Ackoff (1974) defines, “Strategy is concerned with long-range objectives and ways of pursuing them that affect the system as a whole.”
“Strategy without tactics is the slowest route to victory Tactics without strategy is the noise before defeat.” –SUN TZU Chinese Military Strategist
Definition of Strategy by Different Authors
Von Neumann, J., & Morgenstern, O. (1947) defined, “Strategy is a series of actions undertaken by a company according to a particular situation.”
According to Glueck (1976) “strategy is a unified, comprehensive, and integrative plan which is designed to assure that the basic objectives of the organizations are accomplished.”
In the opinion of John B. Steiner & Miner, ” Strategy is the formulation of missions, purposes, and basic organizational goals, policies and programs to meet them, and the methods needed to ensure that strategies are implemented to achieve organizational objectives.”
Mintzberg and Quinn (1991), “Strategy is the deliberate search for an action plan to develop and adjust the competitive advantage of a company. The differences between the organization and its competitors are the basis of its competitive advantage.”
In the opinion of Peter L. Wright, Mark Kroll, John Parnell (1997), “Strategy is the set of plans from top management to achieve results consistent with the organizational mission and objectives.”
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Definition of Business by Different Experts
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