ABSTRACT
This chapter introduces the basic concepts of strategy. It discusses definitions of the word strategy and explores the levels of decision making in successful strategic management (at the strategic and operational levels). The chapter discusses the nature of strategic objectives – who is responsible for setting them and what they are essentially about. Strategic thinking and strategic management can be viewed as the most important activities undertaken by any business or public sector organization. Strategic decisions are the key decisions that have to be taken by any organization, and from the strategic decisions that establish the framework a series of more detailed operational decisions can be made. How skillfully these activities are carried out will determine the eventual long-term success or failure of the organization. Since the beginning of commercial transactions, businesses have had strategies determining their future courses of action.
