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Strategy: Strategy, A Word of Military Origin, Refers To A Plan of Action Designed To Achieve A Particular

Strategy refers to a plan of action designed to achieve a goal. It is distinct from tactics, which are concerned with how individual engagements are conducted, while strategy links different engagements and determines whether battles should be fought. Strategy has been applied beyond military contexts to business, economics, and other fields. An organization's strategy is its long-term direction and scope, achieving advantage through its resources within its environment to meet market needs and fulfill stakeholder expectations. Strategic management involves analyzing customers, competitors, and an organization's internal environment to maintain optimal practices and achieve alignment of policies and priorities for above-average returns.

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151 views

Strategy: Strategy, A Word of Military Origin, Refers To A Plan of Action Designed To Achieve A Particular

Strategy refers to a plan of action designed to achieve a goal. It is distinct from tactics, which are concerned with how individual engagements are conducted, while strategy links different engagements and determines whether battles should be fought. Strategy has been applied beyond military contexts to business, economics, and other fields. An organization's strategy is its long-term direction and scope, achieving advantage through its resources within its environment to meet market needs and fulfill stakeholder expectations. Strategic management involves analyzing customers, competitors, and an organization's internal environment to maintain optimal practices and achieve alignment of policies and priorities for above-average returns.

Uploaded by

nageshdr
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Strategy

Strategy, a word of military origin, refers to a plan of action designed to achieve a particular goal. In military usage strategy is distinct from tactics, which are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked. How a battle is fought is a matter of tactics: the terms and conditions that it is fought on and whether it should be fought at all is a matter of strategy, which is part of the four levels of warfare: political goals or grand strategy, strategy, operations, and tactics. Building on the work of many thinkers on the subject, one can define strategy as "a comprehensive way to try to pursue political ends, including the threat or actual use of force, in a dialectic of wills there have to be at least two sides to a conflict. These sides interact, and thus a Strategy will rarely be successful if it shows no adaptability."[1] Strategy has been extended beyond its traditional fields, military and grand strategy, to business, economics, game theory and other fields.
Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations". In other words, strategy is about:

* Where is the business trying to get to in the long-term (direction) * Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope) * How can the business perform better than the competition in those markets? (advantage)? * What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)? * What external, environmental factors affect the businesses' ability to compete? (environment)? * What are the values and expectations of those who have power in and around the business? (stakeholders)

http://tutor2u.net/business/strategy/wh at_is_strategy.html

Management
Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others.

strategic management
Definition
The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic management is to achieve better alignment of corporate policies and strategic priorities.

strategic competitive advantage, and above-average returns

Strategic Competitiveness When a firm successfully formulates and implements a value-creating strategy

Sustainable Competitive Advantage When competitors are unable to duplicate a companys value-creating strategy

Strategic Management Process The full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns

Risk An investors uncertainty about the economic gains or losses that will result from a particular investment

Average Returns Returns equal to those an investor expects to earn from other investments with a similar amount of risk

Above-average Returns Returns in excess of what an investor expects to earn from other investments with a similar amount of risk

In any organization, strategy management is the key to its success. There are many theories based on this assumption that without a proper strategy and planning, it is difficult for any industry to survive irrespective of its size. It is necessary to understand here that all the major corporate organizations have established themselves, thanks to superior strategic planning and implementation. The retail industry is making news everywhere with not only the traditional industries increasing their outlets but some major corporate industries also intruding into this industry like Fresh @ Reliance of Reliance Industries, More of Aditya Birla Group in India. Wal-Mart, a US based retail industry, which is known as the giant in the retail industry has survived and is still the huge enterprise in the world which deals with almost all the F&B products, apparels, etc

CASE on COCO COLA

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