Characteristics of strategy

Wednesday, March 9, 2011

It is the correct combination of various factors. It relates the organization to its environment It is an action to meet a particular challenge. It may require contradictory action. Today a manager may adopt a particular course of action but tomorrow he may revise the same because of changes in situations. It is forward looking. It is a means to an end and not an end in itself. It is a means of coping with the events and changes in the external environment. It is formulated at the top management level it is generally long- range in nature but short- range moves are also specified in it. It is flexible and dynamic. It involves assumption of certain calculated risks. It is action –oriented. It is generally meant to cope with a competitive setting.