Johnson and Scholes (Exploring Corporate Strategy) define strategy as follows: “Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations”. In other words, strategy is about: - Where is the business trying to get to in the long-term (direction)
| - Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope)
| - How can the business perform better than the competition in those markets? (advantage)?
| - What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)?
| - What external, environmental factors affect the businesses’ ability to compete? (environment)?
| - What are the values and expectations of those who have power in and around the business? (stakeholders)
|
| 
