Question

List the four (4) elements of strategy Explain briefly those activities that are conducted under each element.

Answer 1

The four elements of strategy are as follows -

1 - Setting direction - This element shows the way for achieving the goals of the organization. The mai aim is to set the strategy for the goals so that work can be done in that direction.

2 - Concentrating resources - In this step the resources are made available for the goals which have been decided in the first step above and the working for the achieving the goal.

3 - Maintaining consistency - In this step the main aim is that the efforts should be in the direction of the goals which are decided for the organization and there are no deviations from the path of the goal.

4 - Retaining flexibility - The operations should be flexible enough so that the rigidity of the operations do no harm the goals. The strategy should be flexible enough to be able to change as per the business environment .