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What Is Strategy All About?

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 and competencies we need to maintain our position as well as improve it further? Finally, strategy is about what you choose NOT to do, as much as it is about what you DO choose to do.

Did I miss any core strategic activities? Should "values" be on this list?

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