- The word strategy originates from the Greeks around 400BC. It centered on the art and science of directing military forces for success
- In modern times the word is used in organisational management.
- A strategy defines the mode or plan of action for allocating resources to gain competitive advantage and to achieve an objective at an acceptable level of risk.
- Strategy requires a mix of goals and policies which provide a specific path of action.
- Strategy outlines a basic approach to be used in reaching specific goals
- Strategic management is an ongoing process to develop and revise future-oriented strategies that allow an organization to achieve its objectives, considering its capabilities, constraints, and the environment in which it operates.
- Strategic management process that comprises three phases: diagnosis, formulation and implementation.
