Question

Topic = Strategy

defination (100 words )

explain (150 words ) and

give two examples ( eg. how it works , steps involved use and limitations and specific products organisations or issues and etc ) around 150 words

do not copy from others . or i want plagiarism free

Answer 1

Derived from the greek word 'strategos' where stratus means army and ago is to lead, strategy is the intention to carry out actions with the aim to attain or reach goals of the organisation. It is the direction which the company wishes to go in with a clear objective. The development process of a strategy is a result of detailed and extensive planning. Allocation of resources is significant to consider and there is absence of independent decisions due to the necessity of integration of activities. The entities can address their issues effectively keeping in mind the long term view for the organisation.

Firms can foresee uncertainties or be prepared to face them with a plan and thus be in the advantage in the business environment. Methods of production can be efficiently decided and the capabilities of the firm can expand with innovative changes employed. Getting prepared to face disruptions and using it for gains enables the firms to counter challenges for the future as well as for the present. Predicting behaviour equips the company to get ready for competitors; and it can satisfy the demands of customers thereby maximising their utility. Overall, enhancement of long term performance is important where profits are intended to be maximised. Tracking competitors and actioning strategies with desired outcomes prove to be useful. An organisation has to decide on aspects of Research & Development, exports, employees, etc and prioritise them accordingly. New market entry strategies help in decisions to be taken when a firm decides to enter a product in the market or when it decides to sell a product in a different country.

Investments made by the government can be carried out with the help of analysing data and deciding the amount and allocation of resources. Medical facilities will improve the health of the country as a whole having positive propagation effects of improving the productivity of the population. Education will enhance the skill sets of individuals which has the potential to increase the income of families. A research institution can come up with innovative methods which can have economies of scale, thereby reducing costs to the customer and increasing production which will lead to higher profit earnings. Practical applications should be looked into when devising even if extensive research has been undertaken. Or else a lot of time and effort undergone can be of no use if the plan cannot be implemented and hence resulting in huge losses with no outcome. Thus business applications are necessary in the relationship to economic theory.