Strategy refers to a long-term plan to help an organization deal with its competitive environment and defeat competitors. Strategies are designed to improve an organization's relationship with its external environment and set the overall direction. Strategy provides a framework for other operational plans at the corporate, business, and functional levels. It involves determining the organization's mission, identifying objectives, analyzing the environment and organization, developing alternative strategies, evaluating alternatives, choosing the best strategy, implementing it, and following up.

1. Strategy means the long range overall approach for dealing with organisation’s competitive environment with a view to winning over competitors in the business Strategies are designed to improve the organisation’s relations to its environment. Strategy sets the direction. Provides framework for other operational plans. 10/12/10 Charu Nagpal

5. Ques 1: - what are the various techniques of decision making? Ques 2: - what are the various steps in rational decision making? 10/12/10 Charu Nagpal