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solved assignments semester 4 Q. What do you understand by the term Strategy in the context of Business Management and Policy? And what are the stages in the formulation of a Strategy?

Answer: Strategy is the method by which an organisation systematically achieves its future objectives. A business cannot progress for a long term without a reliable strategy. Strategy is a common direction set for the company and its various components to accomplish a desired position in the future. A meticulous planning
process results in strategy. It is the comprehension of the goals which has logical step by step process. It defines the general mission and vision of an organisation. It is important to consider that the decisions taken by an organisation are likely to affect the employees, customers and competitors.

Strategy guides the organisation to achieve a long term goal. The strategy is advantageous to the organisation through its configuration of resources within a challenging environment. It helps to meet the requirements of market and stakeholder expectations. Strategy is a plan that is aimed to give a competitive advantage to the organisation over rivals through differentiation. Creating a strategy begins with extensive research and analysis. It is a process through which senior management concentrates on top priority issues tackled by the company to be successful in a long term.

It is the design of decisions in an organisation that sets its goals and plans to achieve it. The organisation plans the future goals to contribute at large to its shareholders, customers and to the society. Strategy is always improving and is amendable. It is a plan of future activities which is aimed at the progress of an organisation. It is a set of directions to enhance the position of the organisation in the overall market. Business strategy is the method by which an organisation achieves and maintains its success. If an organisation cannot identify its strategy clearly then it will struggle to survive in the competitive market. A steadfast strategy should be built to grow in the market.

A fundamental concept is required to direct an organisation to create a sustainable and successful plan. The organisation must understand the customer requirements and relate to its customers for the success of business strategy. This understanding should be based on the attitude of the organisation to progress rather than focusing on a specific competitor or on current objectives. It is from this principle that the other objectives follow.

Business strategy is used to achieve competitive advantage. The efficient development and implementation of strategy depends on the capability of the organisation. This includes the ability to prepare the strategic goals and implement the plans through strategic management.

Levels of strategy

Strategy exists at different business levels. The different levels of strategies are as follows:
·         Corporate Strategy – This is regarding the general function and scope of the business to meet the stakeholder’s expectations. As it is significantly influenced by the investors in the business, it is also called the critical level strategy.
·         Business Strategy – This is regarding how a business competes effectively in a particular market. It includes strategic decisions about the selection of products and meeting customer requirements.
·         Operational Strategy – This is regarding how each part of the business is organised and delivered to the corporate and business level. Operational strategy focuses on issues of resources and practices of an organisation.


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