A strategy can be defined in many ways with the help of various Management concepts. The word and concept of strategy originated from the Greek word “Strategos”. We have given all possible definitions, concept and explanation in this article with suitable examples.
Original Word: Strategos (Greek)
First time known: 1810
Used in: Military Strategy
Given by Alfred D Chandler
A Strategy can be defined as “the determination of the basic long term goals & Objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals.”
Explanation: Keypoints of this definition can be highlighted as-
1. Strategy is the understanding of basic processes of management and determination of Long Term Goals
2. There should be a proper design of course of action or plan to achieve predetermined Goals and Objectives
3. The last but important point is proper allocation of resources for implementation of the course of action / plan.
4. Decision making rules, clear direction, SWOT analysis, Factors (Internal & External) are the some additional points which we should consider in strategy.
Given by Arthur Sharplin
“Strategy can be defined as a plan or course of action which is of vital pervasive, or continuing importance to the organization as whole.”
“A unified, comprehensive and integrated plan that relates to the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives of the enterprise are achieved through proper execution by the organization.”
Given by WordWeb Dictionary
“An elaborate and systematic plan of action”
By Oxford Dictionary
“Strategy can be defined as a plan of action designed to achieve a long-term or overall aim.”