Strategy is the direction and scope of an organization over the long term, which enables it to achieve a competitive advantage and fulfill its mission and vision. Strategy is the result of strategic analysis, choice, and implementation.

the following steps:

– Strategic Analysis: The process of assessing the internal and external environment of the organization, to identify its strengths, weaknesses, opportunities, and threats, as well as its resources, capabilities, and stakeholders.

– Strategic Choice: The process of evaluating and selecting the best alternative courses of action for the organization, based on its goals, objectives, and criteria, as well as the feasibility, suitability, and acceptability of each option.

– Strategic Implementation: The process of putting the chosen strategy into action, by allocating and mobilizing the necessary resources, activities, and structures, as well as monitoring and controlling the outcomes and feedback.

Strategy can be formulated and executed at different levels of the organization, such as:

– Corporate Strategy: The strategy that determines the overall purpose and scope of the organization, as well as its portfolio of businesses, products, and markets.

– Business Strategy: The strategy that determines how the organization competes successfully in a particular market, by choosing its target customers, value proposition, and competitive advantage.

– Functional Strategy: The strategy that determines how the organization supports and coordinates its business strategy, by managing its functional areas, such as marketing, finance, operations, and human resources.