Definition of Strategy
Increased globalization and competition in the market at large has necessitated the need to come up with viable competitive strategies. This is because all firms seek to carry out activities that ensure they gain a competitive advantage over other related businesses within a similar industry. Therefore, through strategic managers, firms set various goals which are achieved through particular activities and actions. It is these activities and actions that form strategies. As such, a strategy can be defined as a plan undertaken with an aim of solving a given problem or achieving a specific goal. There are various strategies that can be undertaken by firms facing ...