ABSTRACT
Strategy is concerned with moving the organization from where it is now to where we would like it to be. It is the business process concerned with planning the long-range activities, character, and underlying values of the organization. Strategic planning starts with the firm's full understanding of the business it participates in. All organizations need to coordinate the attitudes and activities of staff. In order to do this, most firms try to develop a corporate culture in which the overall strategic direction of the organization is the driving force. Vision is the management's view of what the organization should be. The corporate mission is the overriding reason for the organization's existence. Mission statements must reflect corporate values in order to be of use in coordinating corporate activities. The definition of strategy continues to be debated among scholars and managers. Strategy formulation involves three strands: planning, vision, and emergent strategies. The purpose of almost any strategy is to create competitive advantage.
