The basis of strategy is intelligence or information. One could say strategy is the command and control network of management. It is dynamic and requires constant updates as both the external and internal situations evolve. Strategy is HOW one achieves goals and the strategic process is applied to not only to the creation of plans, but also to the tracking, and adaptation or change of those plans, as they are implemented and even afterwards to assess results and impact. Strategy is separate and apart from any specific objective or result of the process.
Strategy is a skill of continuous improvement and effective corporate leadership.
In today's business environment, one can never afford to lose that advantage. In fact, most fail. One reason for this is that businesses, all too often, fail to carry the strategic process beyond the planning stage. In essence the moment they think they have a plan and make a decision, they stop applying the strategic process and lock themselves into a narrow or restrictive objective. They fail to continue gathering intelligence, key portions of the plan are delegated or assumed to be complete, and they adopt an invalid assumption that the world and their surroundings will stay put while they make their move.