Strategy can be defined as the direction of an organization over long-term planning to meet the needs of market. Strategy is about –
- Knowing in which direction the business is going towards in long-term
- The markets in which business should compete
- The environmental factors that affect the ability to compete
- Knowing about the values of those who are in power
In this article, we are going to focus on the different definitions of strategy and three strategic levels – team strategy, business unit strategy and corporate strategy. Each area is associated with some core models and tools that help in business development.