In short, strategy is a bridge that connects a firm’s internal
environment with its external environment, leveraging its resources to adapt
to, and benefit from, changes occurring in its external environment. Strategy
is also a decision-making process that transfers a long- term vision into
day-to-day tactics to effect the long-term plan. Al- though often thought of
only as something reflected in a business plan, strategy is rather a continual
process of assessment, reassessment, and analysis, which constantly provides
direction to the firm. Strategy can be compared to the captain on the bridge of
a ship, who is constantly scanning both the horizon and the immediate surroundings
and adjusting the course, possibly taking the ship in another direction if a
storm appears on the horizon or if an object appears to obstruct the path.
