Strategy
refers to the plan of action that are made for the organization to
meet the overall goal. Strategy is very important part of business
world because it focus on using the limited resources available.
Strategy can be designed by innovative thinking which can be
beneficial for the long run. Business strategy defines the path
that needs to be taken by the organization for meeting the business
goals.
It is useful to view strategy as an emergent process because:
-
- Strategy provides focus and direction to
business to meet the desired goals.
- Developing the business strategy is important because it helps
in driving performance within the team and the
organization.
- Business strategy provides clear picture of present
business situation and what needs to be changed or
implemented to achieve the futuristic goals.
- Business will agree to the long term vision and
goal after developing a business strategy.
- Strategy helps in identifying the key steps and how different
organizational functions need to coordinate in
order to achieve the goals.
- Strategy provides new opportunities to
business as it contributes toward creating innovative
ideas.
- Strategy helps in achieving better business
results by focusing on improving the business
performance.