Monday, April 21, 2008

What is Strategy?

In a recent presentation entitled Dollars and Sense: Business Strategies for Marketing that Sells, a participant asked what the difference was between a Vision and a Strategy. At the time, I have to admit, I didn't have a clear answer. I used my curiosity to look up what others had to say.

Some expert sources, like the Harvard Business Review and the Ivey Business Journal, have slightly different definitions of what a corporate strategy is. However, after reviewing a number of business strategy sites, I realize that strategy is the "umbrella" that captures all the pieces of why a business exists and the direction in which it is heading.