What do you mean by strategy? Explain its characteristics.

Solution

Strategies refer to those plans which are prepared in view of the move of the competitors and whose objective is to make possible the optimum utilisation of resources.

Characteristics of strategy

The main features of strategy are given below:

(i) Formulated by Top Level Managers: Strategy is formulated by the top level managers, the remaining management looks after its implementation.

(ii) Flexible Nature: Strategy is flexible. It means that in case of need changes can be introduced in it.

(iii) Needed in Special Circumstances: Strategy is normally not required in ordinary situations. It is needed when the organisation is facing some particular danger. Under those special situations, strategy is formulated keeping in mind the priority of the business objectives.

(iv) Stress on Proper Utilisation of Resources: Laying down strategy does not mean only giving directions, but proper arrangements for the correct use of resources are also made.

(v) Proper Implementation is Necessary: An important thing about strategy is that it is not necessary to formulate a proper strategy only but it involves its proper implementation also.

Some More Questions From Planning Chapter

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Planning

What do you mean by strategy? Explain its characteristics.

Some More Questions From Planning Chapter

Define Planning.

Planning is the basic function of management. Explain.

Explain, how ‘planning is a mental exercise’.

Explain how “planning is a continuous process.”

Explain how planning is futuristic?

Why is planning an all-pervasive function of management?

The planning function of management is conducted at which level of management?

At which level of management more time is consumed on planning as compared to other levels?

One of the functions of Management is considered a base for all other functions. Name that function.

‘Planning is done for achieving the organisational goals’. Do you agree? Give one reason in support of your answer.

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