Strategy is significant for businesses as it provides direction and competitive advantage. There are different levels of strategy - corporate, business unit, and operational. Strategy exists in five forms according to Mintzberg: as a plan, a pattern, a position, a perspective, and a purpose. When analyzing strategy, it is important to consider all five perspectives to develop a robust strategy and identify potential issues in planning or implementation.

Mintzberg identifies 5 definitions of strategy: 1. Plan - a consciously intended course of action to deal with a situation. Strategies as plans are made in advance and developed purposefully. 2. Ploy - a specific maneuver intended to outwit opponents or competitors. 3. Pattern - a pattern in a stream of actions, the resulting behavior whether intended or not. Plans may go unrealized while patterns may emerge without intention. 4. Position - a means of locating an organization in its environment, the mediating force between an organization and its context. 5. Perspective - a shared way of perceiving the world among organizational members, either through shared intentions or actions

Strategy is defined as the direction and actions that managers take to attain organizational goals and gain competitive advantage. A vision statement guides internal decision-making while a mission statement identifies an organization's goals and market.

The document discusses strategic management and provides definitions and explanations of key concepts. It defines strategic management as the set of decisions and actions to formulate and implement strategies to achieve organizational objectives. It also discusses the hierarchy in strategic management at the corporate, business unit, and functional levels for multiple and single business firms. The strategic management process involves strategic intent, SWOT analysis, strategic alternatives, analysis and choice, implementation, and evaluation.

Strategy is the determination of the long-term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals. Strategy is management’s game plan for strengthening the organization’s position, pleasing customers, and achieving performance targets.