1. Strategy relates the firm to its environment, particularly the external environment in all actions whether objective setting or actions and resources required for its achievement. This definition emphasises on the systems approach to management and treats an organisation as part of the society consequently affected by it.
2. The strategy is the right combination of factors both external and internal. In relating an organisation to its environment, the management must also consider the internal factors too, particularly its strengths and weaknesses, to take various courses of action.
3. The strategy is a relative combination of actions. The combination is to meet a particular condition, to solve certain problems, or to attain a desirable objective. It may take any form; for
every situation varies and, therefore, requires a somewhat different approach.
4. The strategy may even involve contradictory action. Since strategic action depends on environmental variables, a manager may take an action today and revise or reverse his steps tomorrow depending on the situations.
5. The strategy is forward looking. It has an orientation towards the future. Strategic action is required in a new situation. Nothing-new requiring solutions can exist in the past, and so the strategy is relevant only to the future. [ Strategy Features ]