ABSTRACT
Strategy can simply be defined as principles (a broad-based formula) to be applied in order to achieve a purpose. These principles are general guidelines steering the daily work in order to reach organizational goals. Strategy is both a plan for the future and a pattern from the past; it is the match an organization makes between its internal resources and skills (sometimes collectively called competencies) and the opportunities and risks created by its external environment. Strategy is the long-term direction of an organization. Strategy is the course of action for achieving an organization’s purpose. Strategy is the pattern of resource allocation decisions made throughout the organization. Strategy is the direction and scope of an organization over the long term, which achieves advantage for the organization through its configuration of resources within a changing environment and to fulfill stakeholders’ expectations (Johnson and Scholes, 2002).
