Write short note on concept of strategy.

Or In the context of business, strategy refers to the ways in which an organisation responds to dynamic and often hostile external forces while pursuing its vision, mission and long-term objectives. The idea of strategy is incorporated to reduce uncertainty and complexity arising from environmental changes. Strategy seeks to relate the goals of the organisation to the means of achieving them. It is the game plan of management to take market position, conduct operations, attract and satisfy customers, compete successfully and achieve organisational objectives. Strategy may be defined as a long-range blueprint of an organisation's desired image, direction and destination—what it wants to be, what it wants to do, how it wants to do things and where it wants to go. It provides an integrated and unified framework for mobilising resources, directing human effort and handling opportunities and threats. Strategy is flexible and pragmatic in nature, enabling the organisation to adapt to environmental changes and unforeseen situations. It integrates organisational goals, policies and actions into a cohesive whole, ensuring long-term survival, growth and competitive advantage. A strategy may be formulated at the corporate level, divisional level and functional level. The corporate wide strategies are operationalized by divisional and functional strategies. A company's strategy is typically a blend of proactive actions on the part of managers to improve the company's market position and financial performance, and reactive actions to unanticipated developments and fresh market conditions in the dynamic business environment.