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Strategy - Explained

What is Strategy?

Written by Jason Gordon

Updated at April 7th, 2022

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Table of Contents

What is Strategy?Various Components of StrategyAcademic Research on Strategy

What is Strategy?

Strategy is an orientation toward specific goals or objectives. Strategy is carried out through a plan of organized actions. Developing a strategy or strategic plan involves research and planning.

Back to: STRATEGY & PLANNING

Various Components of Strategy

In the simplest terms, strategy is an approach to problem solving which entails the following stages:

  1. Diagnosis: Identifying the problem or coming up with a problem statement that elaborates on the nature of the goal.
  2. A Guiding Policy: Ideas, rules, allocation of resources to resolve the problem or inch towards the goal.
  3. Coherent Actions: Execution of the plans that have been conceived of to address the problem or achieve a particular goal.

Strategy can be further broken down into two main parts.

  1. Formulation: The Diagnosis and Guiding Policy stages make up the first part of strategizing for a goal.
  2. Implementation: Setting the plans into motion, executing all the steps leading up to the resolution of the problem or attaining a desired result happens at the Implementation stage.


Related Topics

  • What is Strategy?
  • What is Business Strategy?
  • What is Management Strategy (Strategic Management)?
  • Types of Business Strategy?
  • Competitive Advantage
    • First Mover Advantage Definition
  • Organizational Dynamics
    • Synergy - Definition
  • Business Model Overview
    • Business Model Canvas - Explained
    • Razor Blade Business Model
    • Click and Mortar Model
  • How Management Develops a Strategic Plan
    • Mintzberg's 5 Ps of Strategy



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