Strategy is derived from the Greek word strategia which means "generalship". In military strategy refers to the deployment of troops in a planned manner to win over enemy. Once the enemy is engaged the focus is on tactics and just as military forces might take the high ground prior to engaging the enemy, might a business take the position of low-cost provider or may provide any one of the three:

1. operational excellence
2. customer intimacy or
3. product leadership.

Strategic management is a broad based plan using the art, science and craft of planning, implementing and evaluating cross-functional decisions that will enable an organization to achieve its goals. It is the process of laying down the objectives of a company and then allocating resources to implement the policies, plans, projects and programs. Strategic management seeks to coordinate and integrate the activities of various functional areas of organizations in order to achieve the business objectives. Various methods like SWOT analysis, Profit Impact of Marketing Strategy (PIMS) are used to evaluate the progress of the business towards its objective.

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About the Author:

The author; Mr. Amit K. Srivastava is the CEO of Namo Textile Co. Pvt. Ltd.