“Strategy is defined as the direction and scope of an organization over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations”. (Johnson, G., Scholes, K., and Whittington, R., 2008, p. 3). In other words, strategy is considered a high level plan that is used to achieve one or more goals under certain conditions. Strategy is important because the resources that are accessible to accomplish these goals are usually inadequate. Therefore, strategy usually takes in consideration the setting of goals, determining actions to achieve these goals and mobilizing materials to perform these actions.
Strategy is divided into three different levels; which are the corporate level, business level and operational level. As it relates to the corporate level strategy, it is considered the top level of the three strategies and it is basically concerned with the overall area of the organization and how value will be added to the different departments within an organization. The business level strategy is the second strategy; so this involves how the varying businesses should compete successfully within their particular markets. This type of strategy can sometimes be referred to as ‘competitive strategy’.
Strategic lenses can be considered as a concept of strategic management
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