What is meant by strategy? Explain the difference between strategy and objective?

Strategy refers to a long-term plan or approach devised by an organization to achieve its goals and objectives. It encompasses a set of actions, decisions, and policies formulated to gain a competitive advantage, maximize performance, and ensure the sustainability and growth of the organization over time. A well-defined strategy aligns all aspects of the organization, such as resources, capabilities, and operations, with the external market dynamics and the organization's mission and vision. Essentially, strategy is the blueprint for how a company will achieve its desired outcomes, navigate challenges, and capitalize on opportunities in its environment.

In management theory, strategy is often seen as a response to external and internal forces that can impact an organization’s success. It involves a systematic and comprehensive approach to making choices regarding the allocation of resources, prioritizing initiatives, and addressing potential risks and uncertainties in the business environment. Strategy can be applied at various levels within an organization: corporate strategy (overall organization direction), business strategy (specific to a business unit or market), and functional strategy (related to specific functions like marketing, finance, or operations).

Strategic management, as a discipline, focuses on the formulation, implementation, and evaluation of strategies that help organizations achieve long-term goals. The process involves environmental scanning, strategic analysis, strategy formulation, strategy ______ _____ __________ _________ ____ ____ ______.
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