- Strategy is the direction and scope of an organization over the long term which achieves advantage for the organization through its configuration of recourses within a changing environment to meet the needs of markets and to fulfill stakeholder expectations.
- Corporate strategy is the pattern of major objectives, purposes or goals and essential policies or plans for achieving these goals, stated in such away 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.
- Strategic Management can be defined as the art and science of formulating, implementing and evaluating cross functional decisions that enable an organization to achieve its objectives.
- It is the determination of long term objectives, allocation of resources, and course of action.
Strategic Management and its Nature:
1. Change
2. Globalization: Survival of Business
3. Technology:
4. E-Commerce: Now an essential business tool
5. Earth’s environment has become a strategic issue. ( Conserve and Preserve Resources)
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