Meaning & Definition
The word "strategy" is derived from the Greek word "Strategia" meaning the office of the general. It is often used to mean the art of the military leadership in the planning and execution of large scale combat operations. In the managerial terminology, a strategy may be defined as an overall plan for the organization, to accomplish its objectives in the context of the environmental forces beyond the control of the organization. In other words, strategy is concerned with the organization relationship to the external environment and the competitive situation inherent therein. It seeks to lie down as to how the organization plans to meet the uncertain and competitive world outside, and makes different assumption as regards the tactics and strength of the competitors.
According to Edmund P. Learner, "the pattern of objectives, purposes of the goals and major policies and plans for achieving these goals, stated in such a way as to define what business the company is in or to be and the kind of company it is or is to be".
According to the Haynes and Messier, "the planning for unpredictable contingencies about which fragmentary information is available".
According to the C.T. Hardwick and B.F. Landuyt, "the word strategy is used to signify the general concept and salient aspect of gamesmanship as an administrative course designed to bring success.