1.5 Concept Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a changing environment. to meet the needs of markets and to fulfill stakeholder expectation. Johnson G and scholes k , (1999)Exploring Corporate Strategy, 5th, Prentice Hall) Characteristics long-term direction -advantage scope of an organizations activities match activities with environment bounded rationality and resources scarcity -values and expectation or Weiliang Strategy ManagementDr. Wei Jiang Strategy Management 9 Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a changing environment, to meet the needs of markets and to fulfill stakeholder expectation. (Johnson G. and Scholes K., (1999) Exploring Corporate Strategy, 5th, Prentice Hall) Characteristics ----long-term direction ----advantage ----scope of an organization’s activities ----match activities with environment ----bounded rationality and resources scarcity ----values and expectation