Strategy is the business term, define as the way to achieve the objectives. Objectives are derived for business mission statement, strategy is the path which lead toward achieving it. Strategy made by strategists for long term success of the business, without formal strategy its fair to say big giants can’t survive.
How Strategy is made?
As discussed above strategy are made to achieve objectives we can say objective is what and strategy is how. Strategy is restricted by some constraints includes internal factors and external factors. Internal factors involve the strength and weakness of business functional areas and external factor involve supplier,manufacturer,retailers,competitors, environment and political issues.
Strategy are made by keeping an eye on business available resources and external factors. Strategy without proper internal and external environments scanning leads towards failure.
Strategy remain constant or not?
Strategy change time to time because the only thing constant in life is word change, internal and external environment is dynamic that’s the reason there are so many up and downs in business.