Topic no.1- strategic management- A brief introduction:

Strategy –definition, scope and importance:
A strategy is a plan of action designed to achieve a vision. It can also be said that, strategy is a pattern in action over time of getting from here (present position) to there9 desired future position)
Everybody is concerned with some strategy as it involves a plan “how and means of getting from here to there”. Strategy the word derives from the Greek word for generalship in army.
It is the art and science of planning and marshalling resources for their most efficient and effective use. So, strategy is a method or plan to bring about a desired future prospect to adapt successfully.

Three main areas of strategy:
Every organization proceeds with some strategies. Corporate strategy is the linking process between the management of the organization’s internal resources and its external relationship with its customers, suppliers, competitors and so on.
Every organization manages its resources in three main areas: 1) Resources strategy 2) Environment strategy 3) Adding value

Resource strategy includes it resources such as – human skills, investment capital and others. Organization has to develop strategies to exploit those resources in a good pattern. Sometimes innovative ability can be a resource that is necessary to develop continuously. For example – Apple has huge investment in R&D sector. They have exploited their investment in that sector that requires comprehensive strategy to follow. So, there is always a strategy involving resources.

Environment strategy is also quite important as there are several forces from the environment. There may negative forces as well as positive forces. These forces can heavily influence the overall strategy of the organization. Environmental strategy poses several opportunities and threats.