Strategy refers to a broad outline for the business of an organisation. It has three broad objectives- to determine the objectives, to decide the course of action, and appropriate allocation of objectives for the achievement of the objectives. Following are a few strategic decisions which a business organisation may look out for.
i. Deciding about which line of business should be taken.
ii. Whether a new line of production should be adopted or not.
iii. What position should the company aim for in the existing market.
iv. What kind of pricing policy should be used.
v. Decisions regarding the advertising policy and costs.
