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A strategy is an action plan built to achieve a specific goal or set of goals within a definite time, while operating in an organizational framework.
According to Rajiv Nag, Donald Hambrick & Ming-Jer Chen, “Strategic management is the process of building capabilities that allow a firm to create value for customers, shareholders, and society while operating in competitive markets.”
The process of strategic management entails
  • Specifically pointing out the firm's mission, vision, and objectives
  • Developing the policies and plans to achieve the set objectives
  • Allocating the resources for implementing these policies and plans.

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