A strategy provides the broad contours of an organisation's business. It is a unified comprehensive integrated long term plan that relates the strategic advantages of the firm to the challenges of environment. It is designed to ensure that the basic objectives are achieved through proper execution. Thus, a strategy includes three dimensions:
(a) determining long-term objectives.
(b) adopting a particular course of action.
(c) allocating resources necessary to achieve the objectives.
(d) Rule:
(i) A rule is a statement that specifies what is to be done or not be done. It is a guide to behaviour.
(ii) A rule does not allow for any flexibility or discretion and prescribes penalty for violation
