What is strategy, and why is it highly crucial in business and management? The concept of strategy has played a central role in business, management, entrepreneurship, and marketing literature for over fifty years. It continues to serve as a foundational element in how organizations operate and compete in complex environments. Professionals across all levels of an organization—from human resources specialists to CEOs of multinational corporations—must understand and apply strategic thinking in their roles. Stakeholders consistently judge managers based on the quality of their decisions, and these decisions often derive their strength from a well-formulated strategy. Therefore, strategic competence remains indispensable for sound decision-making, regardless of an individual’s functional area or organizational level. Despite its importance, many junior business or marketing students and even seasoned professionals