What is strategy after all? If You search for the term in google you will find 456.000.000 results.
In my opiniom one of the most comprehensive definition is the one provided by Arnoldo C. Hax and Nicolas S. Majluf :
"determines and reveals the organizational purpose in terms of long-term objectives, action programs, and resource allocation priorities;
selects the businesses the organization is in, or is to be in;
attempts to achieve a long-term sustainable advantage in each of its businesses by responding appropriately to the opportunities and threats in the firm's environment, and the strengths and weaknesses of the organization;
identifies the distinct managerial tasks at the corporate, business, and functional levels;
is a coherent, unifying, and integrative pattern of decisions;
defines the nature of the economic and non-economic contributions it intends to make to its stakeholders;
is an expression of the strategic intent of the organization;
is aimed at developing and nurturing the core competencies of the firm;
is a means for investing selectively in tangible and intangible resources to develop the capabilities that assure a sustainable competitive advantage."
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