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Home » Strategy » Features of Strategy

Features of Strategy

September 2, 2018 | By Hitesh Bhasin | Filed Under: Strategy

The article discusses 5 important features of strategy.

  1. Strategy relates the firm to its environment, particularly the external environment in all actions whether objective setting, or actions and resources required for its achievement. This definition emphasizes on the systems approach of management and treats an organization as part of the society consequently affected by it.
  2. Strategy is the right combination of factors both external and internal. In relating an organization to its environment, the management must also consider the internal factors too, particularly its strengths and weaknesses, to take various courses of action.
  3. Strategy is relative combination of actions. The combination is to meet a particular condition, to solve certain problems, or to attain a desirable objective. It may take any form; for every situation varies and, therefore, requires a somewhat different approach.
  4. Strategy may even involve contradictory action. Since strategic action depends on environmental variables, a manager may take an action today and revise or reverse his steps tomorrow depending on the situations.
  5. Strategy is forward looking. It has orientation towards the future. Strategic ac-tion is required in a new situation. Nothing-new requiring solutions can exist in the past, and so strategy is relevant only to the future.

Features of Strategy

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About Hitesh Bhasin

Hitesh Bhasin is the CEO of Marketing91 and has over a decade of experience in the marketing field. He is an accomplished author of thousands of insightful articles, including in-depth analyses of brands and companies. Holding an MBA in Marketing, Hitesh manages several offline ventures, where he applies all the concepts of Marketing that he writes about.

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Strategic Marketing Module 5 & 6
Module 5: Management of Strategy
  1. Features Of Strategy
  2. Strategic Planning
  3. Importance Of Strategic Planning
  4. Formulation Of Strategy
  5. Strategy Formulation
  6. Strategy Framework
  7. Implementing A Strategic Plan
  8. Strategy Implementation
  9. Exit Strategy
  10. Time Of Entry
  11. Strategic Goals
  12. Critical Success Factors
  13. Strategic Business Units
  14. Strategic Business Units Are Important
  15. Strategic Control
  16. Strategic Decision Making
  17. Tactical Planning
  18. Strategic Groups
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  21. Hedgehog Concept
Module 6: Strategy in Marketing
  1. Elements Of Marketing Strategy
  2. Importance Of Marketing Strategy
  3. Marketing Strategy
  4. Marketing Strategy Can Fail
  5. Need For Marketing Strategy
  6. Reasons To Form A Marketing Strategy
  7. Strategic Marketing
  8. Strategic Marketing And Marketing Management
  9. Differentiated Marketing
  10. What Is Marketing Strategy
  11. Successful Marketing Strategy

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