Answer :
A strategy refers to a plan of action and are helpful when one is operating under conditions of uncertainty.
What is a strategy?
This refers to the general direction set for a company and its various components to achieve a desired state in the future. It often results from the detailed strategic planning process.
It is important in out business as it helps us define our business, gives it a set of values, and gives it purpose. It also helps us understand what success actually looks like and provides a roadmap for our business, shows us our destination and identifies useful stopping points along the way.
Also, it defines how a firm will achieve long-term success. Determining the strategy is a critical decision for management because it involves a significant commitment of resources and, once initiated.
In conclusion, it means the plan of action and are helpful when one is operating under conditions of uncertainty.
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