Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations(http://tutor2u.net/business/strategy/what_is_strategy.htm).
My own definition states that A strategy is a direction and scope of the organisation to achieve the long term goal.This includes competition involved in the business,environment factors and also about the resources required.
DIFFERENT LEVELS OF BUSINESS:
There are three levels of business namely:Corporate level Strategy This is concerned with the overall purpose and scope of the business.Business Unit Strategy This is concerned with the product choice and the meet with customer.Operational Strategy This is concerned with the resources, process and the delivery.
STRATEGIC ANALYSIS:
There are differnt strategic analysis namely PEST analysis,scenario planning,five forces analysis,market segmenation,directional policy matrix,SWOT analysis,competitive analysis and critical success factoe analysis.
STRATEGIC PLAN:
The strategic plan is likely a short term plan to achieve a business,some of the key steps for the strategic plan as follows Vision, Mission, Values Objectives,Strategies,Goals and Programs(http://www.planware.org/strategicplan.htm).
REFERENCE:
[1] http://tutor2u.net/business/strategy/what_is_strategy.htm,[accessed on 20th january,2009].
[2] http://www.planware.org/strategicplan.htm,[accessed on 22nd january,2009].
