Concept of Strategy : The top management of an

organization is concerned with the selection of a course of

action from among different alternatives to meet the
organizational objectives. The process by which objectives
are formulated and achieved is known as strategic
management and strategy acts as the means to achieve the
objective. Strategy is the grand design or an overall plan
which an organization chooses in order to move or react
towards the set of objectives by using its resources.
Strategies most often devote a general program of action
and an implied deployed of emphasis and resources to
attain comprehensive objectives. n organization is
considered efficient and operationally effective if it is
characterized by coordination between objectives and
strategies. There has to be integration of the parts into a
complete structure. Strategy helps the organization to meet
its uncertain situations with due diligence. !ithout a
strategy" the organization is like a ship without a rudder. #t
is like a tramp" which has no particular destination to go to.
!ithout an appropriate strategy effectively implemented"
the future is always dark and hence" more are the chances
of business failure.
#n management" the concept of strategy is taken in more
broader terms. ccording to $lueck" %Strategy is the
unified" comprehensive and integrated plan that relates the
strategic advantage of the firm to the challenges of the
environment and is designed to ensure that basic objectives
of the enterprise are achieved through proper
implementation process&