‘Building a durable corporation requires long-term goals as well as rules to channel investments and - initiatives toward the achievement of these goals. These rules- which I will call “strategy”- have several dimensions. A strategy defines in broad terms where and how the firm will seek to add value, the opportunities it will pursue, the breadth and attributes of the firm’s product lines, its pricing policies, distribution channels, technologies, R & D efforts, and so on.’ (Amar V., 2000 pg 265).

‘Broadly, strategies encompass the set of approaches that the company will use to achieve its objectives’ (Jobber and Lancaster, 2006 pg 49)

A well defined strategy should therefore integrate decisions about; scope of the business, objectives, resource allocation, developing sustainable differential advantage and synergy.

The importance of strategy in the achievement of business goals cannot therefore be over emphasized judging from the above features.

Split into corporate and competitive strategies, the former determines the scale and scope of the business while the later determines the sustainability of the company in the ever dynamic and competitive business environment.

Whether inward out (resource based) or outward in (market based), competitive strategy is cardinal to the continued existence if the firm.

Since successful strategies are those which adapt firms to the opportunities and threats in their markets/environments and which develop their internal capabilities, it means that in order to remain relevant, firms must adopt strategies suitable and consistent with the market changes, its development and the environment at large, either responsively or proactively.

The business environment has by no means been stable, with each era presenting its own set of problems and need for adaptability. Strategic approaches and fits in the 1800s, 1900s,