p.27-28 Most definitions of strategy, however, include such elements as establishing purpose,
setting direction, developing plans, taking major actions, and securing a distinctive advantage... At least five important
characteristics are common to the use of the term in business:
1. Time horizon. Generally, the word strategy is used to describe activities that
involve an extended time horizon, both with regard to the time it takes to carry out such activities and the time it takes
to observe their impact.
2. Impact. Although the consequences of pursuing a given strategy may not become
apparent for a long time, their eventual impact will be significant.
3. Concentration of effort. An effective strategy usually requires concentrating one's
activity, effort, or attention on a fairly narrow range of pursuits. Focusing on these chosen activities implicitly reduces
the resources available for other activities.
4. Pattern of decisions. Although some companies need to make only a few major decisions
in order to implement their chosen strategy, most strategies require that a series of certain types of decisions be made over
time. These decisions must be supportive of one another, in that they follow a consistent pattern.
5. Pervasiveness. A strategy embraces a wide spectrum of activities ranging from resource
allocation processes to day-to-day operations. In addition, the need for consistency over time in these activities requires
that all levels of an organization act, almost instinctively, in ways that reinforce the strategy.
