Business strategy may also be interpreted as a plan of action or a series of decisions that enable entrepreneurs to accomplish business goals and objectives. It is also defined as a series of competitive measures and activities that an organization takes to retain customers, succeed successfully, boost productivity, and achieve organizational goals. It describes how the business should be carried out to accomplish its intended goals. While strategic management includes the development and execution of key strategies and actions taken by the management of the business on behalf of the stakeholders, on the basis of the evaluation of capital and examination of the internal and external setting in which the enterprise competes. Also, strategic management gives a general roadmap to the business which includes determining the goals of the organization, creating strategies and proposals to accomplish the objectives, and then allocating resources to execute the plans. Academics and experts have developed a range of models and mechanisms to assist strategic decision-making in the light of diverse markets and competitive dynamics.
Difference between policy, strategy, and tactic.
Policies are generally recognized as an understanding of decision-making and an overarching guide that regulates and monitors management actions. The policy is also referred to as a regulation that is usually concerned with the course of action to accomplish the set of goals.
Strategies are concrete measures proposed to accomplish the goals. This is the technique used to mobilize the capital available in the interest of the organization. Strategies are the means to a purpose and able to address external environmental factors
Tactics are acts, programs, or activities for the purpose of achieving a certain point or the desired goal.
