The Concept of Strategy

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MODULE 8: THE CONCEPT OF STRATEGY

Structure Plans:

A Plan is a goal-directed system of action. It specifies the actions which must be taken and the sequence in which must taken and the sequence in which they must occur in order to achieve some future objective. Basic to all planning is the generic need which the company will seek to satisfy, i.e., its mission. This is clearly a top-management decision and one which cannot easily be altered one firm management has decided to commit the resources at their command to that end. a strategic plan is one which describes the allocation of a firm’s resources which the management believes will achieve the corporate mission with the greater efficiency over the long run. Supporting the strategy and contributing to its implementation are plans for the operations, logistics, and organization called for by the strategy, Together, these constitute a hierarchy of objectives, and plans to achieve the,m which make up the guidance system of an enterprise.

Strategy – Tactic/Line of attack/on going process
Plan – Map/sketch/thinking ahead
Planning – scheduling/ settingup/preparation
Mission – task/ job/ assignment
It basically addresses the questions: • Where am I now? • Where am I going? • How will I go there? • Vision - dream

Mission and Strategy

As it is used in an everyday sense, the world strategy carries the connotation of a particularly adroit or skillful plan. Some writers plan. Been more precise and defined a strategy as a complete plan, so complete that it is unlike to be upset by any recognizable outside force. It is a set of direction which specifies which choices a firm will make in every conceivable situation which available information enables management to identify. The term strategy is derived from strategikos, a word which the Greeks used to describe what the commanding officer did in a military campaign. The military commander is charged with a mission and must allocate

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