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.

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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