Characteristics of Strategy

1)    Determining the long-term objectives of the Organization

2)    Adoption of course of action

3)    Allocation of resources to accomplish the long term objectives

4)    It gives competitive advantage to business

5)    It is based on strength of the Organization

6)    It is based on assumptions

7)    Strategies cannot be inconsistent with Value system of the Organization

8)    Used only when there is competition