Strategy is one of those terms which are used and mis-used all the time. I thought it may be useful to describe the types of activities involved under the term: Long term direction: where are we and where do we want to be in the future? Scope of actitivities: what activities do we choose to do and, importantly, what do we choose not to? Competitive advantage: what is the source of our competitive advantage and how can we sustain it? Capabilities: what are the resources an