A company's strategy consists of management's long-term plan for running the business cost efficiently, offering buyers a more appealing product than rivals, and boosting revenues and profitability o management's action plan for competing in a manner that will please customers, produce a competitive edge over rivals, and generate profits big enough to satisfy stockholders o the long-term direction that management believes the company should pursue and the actions and business approaches that management intends to employ in conducting operations, keeping the prices of its products attractively low, and making sure the company is profitable. o the specific actions a company plans to take to implement and execute the business model that its board of directors has approved for outcompeting rivals and making the company profitable. o the competitive moves and business approaches that managers employ to attract and please customers, compete successfully pursue opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance