A company's overall strategy

is subject to being changed much less frequently than either its objectives or its mission statement and thus serves as a long$-$term guide for how the company's operations should be conducted.

is typically a collection of strategic initiatives and actions devised by managers $($and sometimes key employees$)$ up and down the whole organizational hierarchy.

determines whether its strategic intent is proactive or reactive.

is customarily reviewed and approved piece$-$by$-$piece by the company's board of directors.

should be based on a flexible strategic vision and strategic intent.