Strategy refers to a broad outline of the business of an organisation. It has three major objectives:

a. To determine the objective.

b. To decide the future course of action.

c. Appropriate allocation of objective for the achievement of the objectives.

A business organisation is most likely to undertake the following strategic decisions:

a. Deciding about the line of business it should take.

b. Deciding about the position that the company aims for in the existing market.

c. Deciding on whether or not to expand the products.

d. Deciding about the prices of the products.

e. Deciding about the advertisement policy.