Strategy “A plan of action designed to achieve a long-term or overall aim” Strategy in Business World, “Strategy consists of the combination of Competitive moves and business approaches that managers employ to please customers, compete successfully, conduct operations and achieve organizational objectives” Strategic Management “It consists of analyses, decisions and actions of an organization undertakes in order to create and sustain competitive advantages” Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance Key Characteristics of Strategic Management: There are 4 key attributes in strategic management: 1.Directs the organisation towards overall goals and objectives 2.Includes multiple stakeholders in decision making 3. Needs to incorporate short term and long term perspectives 4. Recognises difference between efficiency and effectiveness