What Is Strategy?

Abstract

Strategy Question: Is there a simple, “real-world” definition of strategy?

Summary: We define strategy as an integrated set of actions and resource commitments that position an organization within the competitive environment so as to generate superior results over time. There are five key concepts to this definition. Strategy is integrative, encompassing all of the activities of an organization and the manner in which those fit together. It involves the commitment of organization resources — human, financial, capital, etc. — in ways that lead to effective action. These actions position the enterprise relative to all others within a competitive environment that includes customers, suppliers, and competitors along with external factors such as political, economic, and social trends. If the position in the marketplace is aligned with customer’s needs and wants, the firm will be able to achieve superior results and outcomes.

Citation

Fairbanks, S. and Buchko, A. (2018), "What Is Strategy?", Performance-Based Strategy, Emerald Publishing Limited, Leeds, pp. 5-14. https://doi.org/10.1108/978-1-78743-795-120181001