Characteristics of the strategy
The following characteristics emerge from the above definitions of the strategy,
1. It is the right combination of different factors.
2. It relates the business organization to its environment
3. It is an action to meet a particular challenge, to solve particular problems or to attain a desired objective.
4. Strategy may need contradictory action. For example, today a manager may adopt a particular course of action but tomorrow he may revise the same due to changes in situations.
5. Strategy is a forward looking.
6. It is a means to an end in itself.
7. It is a mean of coping with or managing the events and changes in the external environment.
8. It is formulated at the top management level.
9. It is generally long range in the nature but short range moves are also specified in it.
10. It is flexible and dynamic.
11. It involves assumption of certain calculated risks.
12. It is a action oriented and more specific than objective.
13. It is generally meant to cope with a competitive setting, in which the behaviour of competitors and other adversaries of the enterprise affect its own functioning and performance.