Strategy

2181

Introduction

Strategy comprises the direction, goals and plans for an organisation spanning over a longer term, as opposed to the short-term, tactical planning. Its not fixed and rigid, rather dynamic and one that moves with the changes in the internal vision and external trends.

Strategic analysis, management and strategy implementation are about aligning the organisation's plans and actions with the organisation's vision, mission, values, resources and capabilities. More importantly we need to consider these in the context of opportunities, trends, emerging themes and threats posed by the external environments.

Did You Know

Strategy and strategic management date back to centuries ago as far back as wars and battles. Applications of strategy wasn't restricted to just wars, but also to sports such as Football and games, for example chess and draught.

Tips & Tricks

Start looking inside first
Then look outside and consider external environmental factors
Identify potential ways of using organisation's resources to leverage external factors
Assess the success of strategy implementation using measures & metrics