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Strategy is the thinking behind business actions. It answers the question: What is our plan for growing the business and attracting customers, operating, and achieving our financial and strategic objectives? Top managers need to decide the big questions such as:(1) who are our customers?, (2) what prodcts do we sell?, (3) what business do we want to be in?, (4) do we want tp merge or acquire orexpand or shronk?, (5) how is the market changing, and what are we doing to do to keep up? Itis really about, "What is the Plan?" Strategy is th big plan. Strategy is not "doing", it is the thinking, and answering "How will we achieve our goals." Strategy is the thinking strategically, working smart, whereas executing and day to day work is "working hard".
(information from class lecture by Professor Joseph Patton, Summer 2011, FAU)
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