Explain ‘strategy’ as a type of plan?

1.	Explain ‘strategy’ as a type of plan?
Answer» Strategy: i. Strategy is a comprehensive plan for accomplishing organizational objectives. ii. This comprehensive plan will include three dimensions: (a) Determining long-term objectives, (b) Adopting a particular course of action, and (c) Allocation resources necessary to achieve the objectives iii. Whenever a strategy is formulated, the business environment needs to be taken into consideration. The changes in the economics, political, social, legal and technological environment will affect an organizations strategy.

Answer»

Strategy:

i. Strategy is a comprehensive plan for accomplishing organizational objectives.

ii. This comprehensive plan will include three dimensions:

(a) Determining long-term objectives,

(b) Adopting a particular course of action, and

iii. Whenever a strategy is formulated, the business environment needs to be taken into consideration. The changes in the economics, political, social, legal and technological environment will affect an organizations strategy.

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Explain ‘strategy’ as a type of plan?

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