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…
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