#CONCEPT OF STRATEGY:

Strategy means making clear-cut choices about how to compete. ----Jack Welch (Former CEO, General Electric) The concept of strategy has a planning section, decision making section and action section. The definition of strategy is regarded as a complex combination and there are lots of debates about the definition itself.

#ORIGIN OF STRATEGY:
Strategy, a word of military root refers to a plan of action designed to achieve a particular goal. The word strategy came from the Greek word Strategeia. This means the art or science of being a general.

Strategeia (The Greek Word)

The art or science of being a general.

Strategy (The English word) Plan,tactic,Policy

#HISTORICAL BACKGROUND OF STRATEGY:

From the Ancient Greek time Military generals are use the term Strategy. An effective general use the word to defeat the counter battle to protect their kingdom. #DEFINITION OF STRATEGY: In the standard sense strategy means- An action a company takes to attain superior performance. There are many definitions of strategy which are given by different authors by different time. Some of them are as follows:

The science and art of military command as applied to the overall planning and
conduct of large scale combat of operation --The American Heritage Dictionary Strategy means making clear-cut choices about how to compete. ----Jack Welch (Former CEO, General Electric)

Strategy refers to the determination of the purpose (Or mission)and the long-term
objectives of an enterprise and adoption of course action and allocation of resources necessary to achieve these aims --Weihrich and Koontz

#STRATEGY ACCORDING TO HENRY MINTZBERG (A NEW APPROACH): Strategies are formed on the basis of rational planning. According to Henry Mintzberg Strategy as a pattern in a stream of decisions or actions. The pattern being a product of whatever intended (planed) strategies are actually realized and of any emergent (unplaned0 strategies. Most of the organizations are defined strategy comprehensively on the basis of pre determined rational planning as well as form the view point of changed grass-root levels and emerging unforeseen circumstances. Henry Mintzberg, in his (1994) book, The Rise and Fall of Strategic Planning , points out that people use "strategy" in several different ways, the most common being these four: 1. Strategy is a plan, a "how," a means of getting from here to there. 2. Strategy is a pattern in actions over time; for example, a company that regularly markets very expensive products is using a "high end" strategy. 3. Strategy is position; that is, it reflects decisions to offer particular products or services in particular markets. 4. Strategy is perspective, that is, vision and direction. # CLASSIFICATION OF STRATEGY: The top management formulates strategy on the basis of balanced preparation for a particular period of time.

INTENDED STRATEGY STRATEGY EMERGENT STRATEGY

# INTENDED STRATEGY:

An intended strategy is planned and deliberate. It is the set of intentional acts that is contemplated and planned to accomplish a goal. An intended strategy is also sometimes called a deliberate strategy. Intended strategy is prepared for a particular period of (for 1year, 2years) on the basis of rational planning.

Figure: Intended Strategy.

Example of Intended strategy: With a view to pushing the sales of 250 cc and 350 cc motor bikes in the US market. This plan of selling is known as intended strategy. # EMERGENT STRATEGY: An emergent strategy is a pattern of action that develops over time in an organization in the absence of a specific mission and goals, or despite a mission and goals. Emergent strategy is sometimes called realized strategy. An emergent strategy or realized strategy differs from an intended strategy. Henry Mintzberg of McGill University has said Strategy can emerge from within an organization without exercising rational planning; It emerges in response to unforeseen circumstances and from the grass-roots of the organization. This is an unplanned strategy. Example of Emergent strategy: To overcome the loss of selling 250 cc and 350 cc motor bikes, selling 50 cc bikes in the US market. That is emergent strategy. #DEFINITION OF STRATEGIC MANAGEMENT: In the normal sense, to win the rivalry in the market application of special tact or method of an organization is known is strategic management. It is applied by the top managers. Strategic management also includes application of emergent strategy emerging in response to unforeseen event and from change in the grassroots of the organization without rational planning.
There are many definitions of strategic management which are given by different authors by different time. Some of them are as follows:

A comprehensive and ongoing process aimed at formulating and implementing

effective strategies; it is a way of approaching business opportunities and challenges. ------ Ricky W. Grifin

The determination of the basic long-term goals and enterprise and the adoption of
courses of action and the allocation of resources necessary for carrying out these goals. ---------- Alfred Chandler

At the last we can say that, strategic management is the process of formulating and implementing strategy in order to achieve mission of an organization.

# STRATEGIC PLANNING PROCESS: The process by which managers choose a set of strategies for the enterprise to pursue its vision is known as strategic planning process. We can categorize strategic planning process in to five major stepladder or mechanism. The formal strategic planning processes are: 1. Select the corporate mission and major corporate goals. 2. 3. Analyze the organizations external competitive environment to identify Analyze the organizations internal operating environment to identify the opportunities and threats. organizations strengths and weaknesses. 4. Select strategies that build on the organizations strengths and correct its weak-nesses in order to take advantage of external opportunities and counter external Threats. These strategies should be consistent with the mission and major goals of the organization. They should be congruent and constitute a viable business model. 5. Implement the strategies. The main components of the strategic planning process are shown in the following model:

Figure: the main components of the strategic planning process. #BROAD DISCUSSION OF STRATEGIC PLANNING PROCESS: Mission and Goals: To define the mission and a goal of the organization is the initial part of the strategic planning process. Sets out why the organization exists and what it should be doing mainly known as mission. Main purpose of the mission is to provide sense of direction and a guide to decision making for all levels of management. For an organization to develop objective and strategies it is impractical devoid of lucid mission. By maintaining organizations line or lines of business mission must be developed within a time frame of 3 to 5 years. External Analysis: