Strategy Definition: Meaning, Importance, and Applications

Strategy refers to an overall plan that outlines a series of actions and decisions designed to achieve a specific goal. It is developed through analysis and evaluation of factors such as the environment, resources, and capabilities. This plan serves as a guiding framework to help organizations or individuals accomplish long-term objectives. Strategies are typically based on predictive and planning thinking, aiming to optimize outcomes. In the business world, strategy is frequently employed in areas like company management, marketing, and human resources to help businesses achieve their commercial goals.