The word “Strategy” is used quite liberally and can mean completely different things to different people. Even if you had to take one team of executives, there is likely to be more than one definition amongst them. So before having a conversation about strategy, it is very important to start by defining what strategy means for the team.
The definition that has worked very well for facilitating strategic conversations is this:
Strategy is direction and tactics is how one gets there.
So, in business, what sets direction? It is the scope of the business that determines the fundamental direction, made up of four components; offering, to whom, where and how. Any decision to change any of these is strategic and changes the direction of the business.