Give the meaning of 'Strategy' and 'Rule' as types of plans.

a. Strategy: A strategy is a comprehensive plan that includes determining the long-term objectives, adopting the required course of action and allocating the necessary resources. They are often defined as the future decisions which showcase the direction and scope of the organisation in the long run. While formulating a strategy, a manager must consider all the different aspects of the business environment and based upon all factors, should finally take up the strategic decisions.
b. Rule: A rule refers to a standard or specific statement that gives information about what is to be done and what is not to be done. Rules are the simplest type of plans that do not allow any kind of flexibility. They signify the managerial decision that a particular task or action has to be performed or not. Such rules do not allow any scope for compromise or change unless a policy decision is taken by the managers.