What is strategy? How has your understanding of the meaning of strategy changed so far? What ideas/concepts/frameworks stood out for you? If you are currently involved in the management of an...

Running Head: STRATEGIC MANAGEMENT    1
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STRATEGIC MANAGEMENT
REFLECTIVE JOURNAL
My Understanding of Strategy
    We use strategy everywhere before starting anything new. Selection of career is an outcome of strategy we laid while choosing the subjects in school and college. Thus, in technical terms, we can define strategy as an action that manages the organizational goals. It is a set of direction or framework for the organization and its many other aspects to achieve the state in the future. The very first step of the strategy is planning the process. A strategy is an integrated organizational activity, which utilize allocate the duties or resources in the organization to achieve the goal and meet the objectives of the organization.
There are many factors considered before levying any strategy. As suggested by Martinez-Simarro, Devece, and Llopis-Albert (2015), the factors, which must be considered while laying strategy, include competitors, resources, employees, budget, customers, suppliers and working environment before formulating strategy for the organisation. If we look from simple perception, strategy is knowledge of the goals. It checks the uncertainty of the events and keeps the working environment intact. Strategy is helpful in laying framework of the project of the organisation. I considered it a blueprint of the decisions that need to be taken or will be taken to fulfil the objectives in achieving the goal.
For me its Meaning has changed over Time
    So far, strategy means direction to achieve the goal but over the time, my perception towards the strategy has been changed. As mentioned by Constantiou and Kallinikos (2015), strategy is a foundation of running the successful organization. Developing a strategy need foresight. The firm with foresight about their project is more likely to develop the best strategy. Strategy allows the management to get prepared for the uncertain events in the future. Strategy is a long-term development in the organization instead of a regular routine of the organization. Strategy deals with every aspect of the business whether launching of an innovative product, implementation of new methods or technology in organization or developing of new market for the future. Everything in the...