The following are definitions of phrases that use the word strategy. They provide a useful way to think about the term and matters directly related to it:
- Strategy is what people in an organization plan to do in order to “win” whatever game they are playing.
- Strategic thinking is how decisions and actions are made in the immediate-term in a manner that is mindful of long-term implications and consistent with a strategy.
- Strategic planning is the structured process that management uses to periodically engage leaders in advancing their strategy.
- Strategic plan is a description of an organization as it presently exists and where it is to be in the future along with how it will go from where it is today to where it will be next on the way to achieve a long-term vision.
- Strategic initiatives are projects identified as part of strategic planning and documented in the strategic plan that are to address what is most important to change next in order to increase the odds of winning.
- Strategic management is what is done to deliberately operate and develop the organization in a manner that is entirely consistent with its strategy.