Strategy is an action that managers take to attain one or more of the organization s goals. Strategy can also be defined as A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process . A strategy is all about integrating organizational activities and utilizing and allocating the scarce resources within the organizational environment so as to meet the present objectives. While planning a strategy it is essential to consider that decisions are not taken in a vaccum and that any act taken by a firm is likely to be met by a reaction from those affected, competitors, customers, employees or suppliers.

A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision making. A strategy is therefore about how people throughout the organization should make decisions and allocate resources in order accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals. As such, a strategy is just one element of the overall strategic direction that leaders must define for their organizations. A strategy is not a mission, which is what the organization s leaders want it to accomplish; missions get elaborated into specific goals and performance metrics. A strategy also is not the value network the web of relationships with suppliers, customers, employees, and investors within which the business co-creates and captures economic value.

A business strategy outlines the plan of action to achieve the vision and set objectives of an organization and guides the decision-making processes to improve the company s financial stability in a competing market. A strategy is therefore about how people throughout the organization should make decisions and allocate resources in order accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.