Features of Strategy

Features of Strategy

1. Strategy is Significant because it is not possible to foresee the future. Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment.
2. Strategy deals with long term developments rather than routine operations.
3. It deals with probability of innovations or new products, new methods of productions, or new markets to be developed in future.
4. Strategy is created to take into account the probable behavior of customers and competitors.
5. Strategies dealing with employees will predict the employee behavior.
6. Strategy is a well-defined road-map of an organization. It defines the overall mission, vision and direction of an organization.
7. The objective of a strategy is to maximize an organization’s strengths and to minimize the strengths of the competitors.
8. Strategy, in short, bridges the gap between “where we are” and “where we want to be”.