What is strategy? Definition and types of strategy

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No doubt that there has been an extensive research on the meaning and nature of strategy. Certainly, organisations need strategies for a variety of reasons. Without strategies, organisations lack  future direction.  The discussion which follows focuses on the definition and nature of strategy from a business point of view. Definition of strategy ‘Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations’ […]