Strategy was originally a military term. It sets out goals and how resources should be applied to achieve those goals. Business strategy should focus on a specific market niche where your company has a competitive edge versus other suppliers.
Michael Porter, a world guru on strategy, warns that strategy is hard because it involves making tough choices and trade-offs. It’s deliberately choosing to be different.
Really good strategies are created by strong leaders. With the right winning strategy, people are fired up and do their best to make the strategy successful.