Accounting technicians scheme west africa
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| F.2 Meaning of Strategy The word strategy is derived from the Greek word “strategia” that was evolved during 400 BC. The word strategia meant science of guiding and directing military forces. In simple term, a strategy is a company’s game plan. A strategy reflects a company’s awareness of how, when, and where it should compete against whom it should compete and for what purposes it should compete. In business usage, strategy is a comprehensive plan for accomplishing an organisation’s goals. Strategies are plans for how an organisation will do what it’s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals (Robbins and Coulter, 2009). A strategy is the game plan the managements of an organization uses to stakeout a market position, attract and please customer, compete successfully, conduct operations and achieve organizational objectives. The outcome of strategic planning is called strategic plan. The strategic plan of an organization lays out its vision, mission, performance target and strategy. Strategy, also involves the deployment of resources for the attainment of objectives. It is also the pattern of significant decision made to fulfil organisation’s purposes. It further relates to long-range objectives. It encompasses courses of action necessary to attain desired objectives. Strategy can, equally, be defined as the determination of the basic long term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary to carryout these goals. Strategy answers a set of questions confronting organizations some of which include a) What type of goods should we produce b) Which segment of the market should we serve c) How do we deal with competition d) What are we out to achieve Furthermore, Mintzberg (1994) viewed strategy in terms of 5ps, these 5ps area) As ab planb, strategy implies a means of attaining, making and implementing decision, b) As ab ployb, strategy means a specific maneuver intended to outwit an opponent or competitor, c) As ab patternb, strategy means consistency in behaviour, whether intended or not, d) As ab positionb, strategy means locating an organisation in an environment, and e) As ab perspectiveb, strategy looks inside the organisation, that is, strategy is to organisation as personality is to individual. Download 3.37 Mb. Share with your friends:
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