Explain ‘Strategy’ as one of the types of plans.

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A strategy provides the broad contours of an organisation’s business. It is a unified comprehensive integrated long-term plan that relates the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives are achieved through proper execution. Thus a strategy includes three dimensions:

  1. Determining long-term objectives.
  2. Adopting a particular course of action.
  3. Allocating resources necessary to achieve the objectives.

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