Overall Definition: Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows: "Strategy is the direction and scope of an organisation over the long-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 other words, strategy is about: * Where is the business trying to get to in the long-term (direction) * Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope) * How can the business perform better than the competition. | Strategy - what is strategy Overall Definition Johnson and Scholes Exploring Corporate Strategy define strategy as follows Strategy is the direction and scope of an organisation over the long-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 other words strategy is about Where is the business trying to get to in the long-term direction Which markets should a business compete in and what kind of activities are involved in such markets markets scope How can the business perform better than the competition in those markets advantage What resources skills assets finance relationships technical competence facilities are required in order to be able to compete resources What external environmental factors affect the businesses ability to compete environment What are the values and expectations of those who have power in and around the business stakeholders Strategy at Different Levels of a Business Strategies exist at several levels in any organisation - ranging from the overall business or group of businesses through to individuals working in it. Corporate Strategy - is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a mission statement . Business Unit Strategy - is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products meeting needs of customers gaining advantage over competitors exploiting or creating new opportunities etc. Operational Strategy - is concerned with how each part of the business is organised to deliver the corporate and business-unit level strategic direction. Operational strategy .
