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  • May 18, 2024
  • Last Update May 7, 2023 10:40 am
  • Hannover

In short, strategy may be a bridge that connects a firm’s internal environment with its external environment, leveraging its resources to adapt to, and enjoy, changes occurring in its external environment.

Strategy is additionally a decision-making process that transfers a longterm vision into day-to-day tactics to effect the long-term plan. Although often thought of only as something reflected during a business plan, strategy is very a continuous process of assessment, reassessment, and analysis, which constantly provides direction to the firm.

Strategy is compared to the captain on the bridge of a ship, who is constantly scanning both the horizon and therefore the immediate surroundings and adjusting the course, possibly taking the ship in another direction if a storm appears on the horizon or if an object appears to obstruct the trail.

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