A strategy is a high-level plan designed to achieve one or more long-term or overall goals, especially under conditions of uncertainty. It involves setting goals and priorities, determining actions to reach those goals, and mobilizing resources to execute those actions effectively
. In business, strategy refers to the initiatives a company pursues to create value and gain a competitive advantage in the market. It guides decision- making processes, resource allocation, and how the company competes and grows over time
. Key aspects of strategy include:
- Defining a vision and long-term objectives
- Analyzing the business environment and market
- Identifying how to gain competitive advantage
- Coordinating coherent actions to implement the plan
Strategy differs from tactics in that strategy is about the overall plan and goals, while tactics are the specific actions taken to execute the strategy
. In summary, a strategy is a comprehensive approach to achieving desired ends by effectively using available means, often requiring adaptation and anticipating competitors' behavior