Definition and Explanation

• The term strategy is derived from the Greek word strategies that means general.
• Strategy is the process of determination of organization's mission (purpose), vision, values and (long term) objectives of an enterprise.
• It is also adoption of courses of action and allocation of resources necessary to achieve these aims.
• It is needed to unify and give direction to plans.
• It consists of competitive moves and business approaches to produce successful performance.
• It is management's game plan to: 1. run the business, 2. strengthen firm's competitive position, 3. satisfy the customers and 4. achieve performance targets.