What does a strategy consist of in management?

In the field of management, a strategy is fundamentally understood as a plan of action designed to achieve specific goals. This involves outlining the steps and resources necessary to reach those goals effectively. A well-defined strategy provides guidance and direction, helping an organization align its efforts and allocate its resources efficiently.

While a list of competitors, a series of goals, or an assessment of market trends may be components that inform a strategy, they do not embody the essence of what a strategy is. The core of strategic management lies in creating actionable plans that enable organizations to navigate challenges and seize opportunities as they strive to meet their objectives. Thus, the correct understanding emphasizes that a strategy is about the actions aimed at executing goals rather than merely identifying external factors or internal benchmarks.