Strategy has Four Components

First, strategy should include a clear set of long term goals.

Second components are that it should define the scope of the firm i.e. the types of products the firm will serve etc.

Thirdly, a strategy should have a clear statement of what competitive advantage it will achieve and sustain.

Finally, the strategy must represent the firms’ internal contest that will allow it to achieve a competitive advantage in the environment in which it has chosen to compete.

Thus, you may say,

‘Goals’ are ‘What’ of the strategy

‘Competitive Advantage; is how of the strategy and the logic; is the ‘Way’ of the strategy.

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