- Strategy is that which top management does that is of great importance to the Organization.
- Strategy refers to basic directional decisions, that is, to purposes and missions.
- Strategy consists of the important actions necessary to realize these directions.
- Strategy answers the question: what should the organization be doing?
- Strategy answers the question: what are the ends we seek and how should we achieve them.
According to Henry Mint berg, people use “strategy” in several different ways, the most common being these four:
- Strategy is a plan, a “how,” a means of getting from here to there.
- Strategy is a pattern in actions over time; for example, a company that regularly markets very expensive products is using a “high end” strategy.
- Strategy is position; that is, it reflects decisions to offer particular products or services in particular markets.
- Strategy is perspective, that is, vision and direction.
In Top Management Strategy, Benjamin and John Zimmerman defined strategy as “the framework which guides those choices that determine the nature and direction of an organization”, This can be interpreted as selecting products (or services) to offer and the markets in which to alter them.