Business Policy and Strategic Management
Strategy is different from tactics. Tactics is a scheme for a specific manoeuvre whereas strategy is the overall plan for deploying resources to establish a favourable position. According to Thompson & Strickland – “A company’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers and compete successfully and achieve organizational objectives.” According to Pearce II & Robinson, Jr. — “Strategy reflects a Company’s awareness of law, where and when it should compete; against whom it should compete and for what purpose it should compete.”
Bryson defines strategy as “a pattern of purposes, policies, programs, actions, decisions, or resource allocations that define what an organization is, what it does, and why it does it.”
From the above definitions, we can conclude that strategy:
- Is a plan or course of action denoting a pattern that evolves a direction for the organization.
- Relates to pursuing those activities which move an organization from its current position to a desired future state.
- Is concerned with the resources necessary for implementing a plan or following a particular course of action.
- Describes an organization’s activities for the present, as well as for the future by making trade-offs between its different activities and creating a fir among these activities.