"Strategy is the direction and scope of an organisation over the longer-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations".

In defining strategy, a number of questions are addressed about the positioning and operation of the business.

• Where is the business trying to get to in the long-term
• Which markets should a business compete in and what kind of activities are involved in such markets
• How can the business perform better than the competition in those markets
• What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete
• What external, environmental factors affect the businesses' ability to compete?
• What are the values and expectations of those who have power in and around the business

These questions are addressed by an analytical approach, with the need for research of a number of aspects of the strategy and use of a range of analytical techniques.

Strategy is not just a planning exercise. Strategic management is a process that acts in the context of a clear set of criteria, bridging the strategic ‘gap’, and applying judgement but in an open decision-making approach. The organisational action can be the hardest part of strategic management.

ENTREPRENEURSHIP SPACE Entrepreneur, entrepreneurship Winning proposition Strategy, company capability Innovation Leadership Business model Project environment Process, process improvement

DOWNLOADS & USEFUL LINKS Join This Space Print this page