Strategic management notes: Concept of Strategy

The Concept of Strategy:

            

             1.    Strategy. ‘A course of action, including the specification of resources required, to achieve a specific objective.’ CIMA: Management Accounting: Official Terminology, (2005 edition).

             2.    Strategic plan: ‘A statement of long-term goals along with a definition of the strategies and policies which will ensure achievement of these goals.’ CIMA: Management Accounting: Official Terminology (2005 edition)

             3.    Strategy is the direction and scope of an organization over the long term. Which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations..

4.     “The basic characteristic of the match an organization achieves with its environment is called its strategy.’

5.     ‘Corporate strategy is the pattern of major objectives, purposes and goals and essential policies or plans for achieving those goals, stated in such a way as to define what business the company is in or is to be in and the kind of company it is or is to be..

6.     ‘Corporate strategy is concern with an organization’s basic direction for the future: its purpose, its ambitions, its resources and how it interacts with the world in which it operates.

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