QS Study

A strategy is a method or plan chosen to bring about the desired future, such as the achievement of a goal, objective, or solution to a problem. The strategy is the determination of the basic long-term goals and objectives of an enterprise and the adoption of a course of objectives and the allocation of resources necessary to carry out these goals and objectives.

Various types or forms of a strategy: There are basically five forms of a strategy. These are mentioned below:

  • Intended strategies: Intended strategies combine an organization’s aspirations with its plans for future actions; they are focused on the future and what is meant to be.
  • Realized Strategies: Realized Strategies refer to the past and depict what actually has come to pass.
  • Deliberate Strategies: Deliberate strategies refer to elements of intended strategies that are actually realized.
  • Unrealized Strategy: The plans that never materialize are labeled unrealized strategy.
  • Emergent Strategies: Emergent Strategies are the strategies that take shape over time without specific initiation.

A company’s strategy consists of –

A company’s strategy consists of the following aspects:

  • How to grow the business?
  • How to satisfy customers?
  • How to outcompete rivals:
  • How to respond to changing market conditions?
  • How to manage each fictional piece of the business and develop needed organizational capabilities; and,
  • How to achieve strategic and financial objectives?