The question “What is strategy?” has spurred numerous doctoral dissertations, countless hours of research, and hearty disagreement among serious management thinkers. Perhaps this is why many executives also struggle with it. Nonetheless, decision makers seeking to steer a business to sustained success need a succinct and pragmatic response. After all, it can only help executives to have a shared definition of strategy when they are creating, communicating, and implementing a strategy for their business.
So, what is a business strategy? Strategy is different from vision, mission, goals, priorities, and plans. It is the result of choices executives make, on where to play and how to win, to maximize long-term value.