Strategy: Definition, Features and Different Levels of Strategy, Videos (2024)

Business Functions

In order to understand business functions, it is important to understand the term strategy. After all, every business needs a strategy to be successful. The word ‘strategy’ comes from the ancient Greek word ‘Strategos’, meaning ‘the art of the General’.

However, in business, it is more about the managerial response to changes in the business environment than the art of war. In this article, we will take a quick look at the meaning and types of strategies in business.

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In ancient Greece, the term Strategos was used in military science and implied the plan to win a battle. However, in business, strategies are more about understanding the competition and preparing a plan to match/surpass the potential of the rivals. It is defined as:

“Strategy is the direction and scope of an organization over the long-term. It helps achieve an advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and fulfill stakeholder expectations.”

Source: Pixabay

Further, the top management formulates strategies.

In an organization, strategies can exist at all levels – right from the overall business to the individuals working in it. Here are some common types of strategies:

Q1. Define Strategy. Also, describe its features.

A strategy is the direction and scope of an organization in the long run. It helps an organization achieve an advantage over its competitors through an efficient configuration of resources. It also ensures that the market’s needs are met along with the expectations of all stakeholders. The features of a strategy are: