Define the term "strategy" and list seven characteristics of a genuine strategy.

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A strategy is a coordinated set of organizational activities summarized in a sophisticated multi-step plan designed to move the organization toward a future vision that it has defined for itself.

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It is usually one of several strategies being implemented at one time, though rarely more than five or six.

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The effect of strategic initiatives is felt throughout the organization, not just within a single department or facility.

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The successful implementation of a strategy usually requires the commitment of a variety of resources from throughout the organization.

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The time required to implement a strategy is measured in years rather than weeks or months.

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A strategy is intended to produce results at a point several years in the future.

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A strategy utilizes and takes fullest advantage of the organization's current resources and competencies.

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A strategy takes fully into account the external environment in which the organization operates, with particular attention to any competitors that it faces.

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A strategy is not easily or quickly changed, but also is cast in stone. It is not carried through to implementation if changed circumstances make it irrelevant or inappropriate.

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A strategy is not guaranteed of success. Because it takes effect in the unpredictable future, it is marked by risk and uncertainty. It may fail partially or completely.

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A strategy requires the organization to change some of the activities it is performing now, sometimes in profound ways. Change sometimes presents difficulties and is not always successful.

Define the Term "Strategy" and List Seven Characteristics of a Genuine