The composite plan which involves setting up a long term objective, finding a course of action and allocation of resources is called___?
The composite plan which involves setting up a long term objective, finding a course of action and allocation of resources is called___?
Solution and Explanation
Strategy
Top Questions on Strategy
Questions Asked in CUET exam
- If $ x + \frac{1}{x} = 3 $, what is the value of $ x^2 + \frac{1}{x^2} $?
- A man can row 24 km downstream in 3 hours and the same distance upstream in 6 hours. What is the speed of the boat in still water?
- CUET (UG) - 2025
- Boat and Stream
- A and B together can complete a task in 10 days. A alone can finish it in 15 days. In how many days can B alone finish the work?
- CUET (UG) - 2025
- Time and Work
- What is the angle between the hour and minute hand at 3:30?
- CUET (UG) - 2025
- Clock and Calendar
- A, B, C and D are partners in a firm sharing profits in the ratio of 3:2:1:4. A retired and his share is acquired by B and C in the ratio 3:2. Calculate the new profit sharing ratio of partners.
- CUET (UG) - 2025
- Partnership
Concepts Used:
Strategy
Strategy refers to a plan of action designed to achieve a specific goal or objective. It involves making deliberate choices about how to allocate resources, deploy capabilities, and coordinate activities to attain desired outcomes. In various fields, including business, military, and personal endeavors, strategy plays a crucial role in determining success.
Key aspects of strategy include:
Goal Orientation: Strategy is driven by specific goals or objectives that an individual, organization, or entity aims to achieve. These goals provide direction and purpose for the strategic planning process.
Analysis and Assessment: Effective strategy involves a thorough analysis of the internal and external environment. This includes assessing strengths, weaknesses, opportunities, and threats (SWOT analysis), as well as evaluating market trends, competition, and other relevant factors.
Resource Allocation: Strategy requires allocating resources effectively to maximize their impact. This includes financial resources, human capital, technology, and other assets necessary to implement the strategy.
Competitive Advantage: Strategy aims to create a sustainable competitive advantage by positioning oneself uniquely in the market or field of operation. This could be achieved through differentiation, cost leadership, innovation, or other means.
Implementation and Execution: A well-defined strategy must be effectively implemented and executed. This involves developing action plans, setting milestones, assigning responsibilities, and monitoring progress towards the desired outcomes.
Adaptation and Flexibility: Strategy should be adaptable to changing circumstances and dynamic environments. It may require adjustments or revisions based on feedback, market shifts, or unforeseen events.
Ultimately, strategy serves as a roadmap for achieving long-term objectives and guides decision-making at various levels. It provides a framework for prioritizing actions, aligning efforts, and maximizing the chances of success in reaching desired outcomes.