What is Strategy?

The term strategy has varied meanings. First, it may mean a high-level and structured plan to attain specific aims under given sets of uncertain conditions. Second, it may mean any plan or method geared towards occasioning a preferred future. Third, the term may refer to the science, as well as art, of planning how to utilize given resources efficiently and effectively. Strategy is critical owing to the limited nature of any resources that can be employed in attaining particular goals (Ginter, Duncan & Swayne, 2013; Shalowitz, Stevens & Kotler, 2013). By and large, strategy entails putting in place specific goals, establishing the actions required in actualizing the goals, and gathering the resources required to actualize the goals.

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