Strategy gives a purpose to an organization. It is why they exist and done right, it is why they succeed.
It allows a business to create a sustainable differentiation which leads to healthy profits.
It gives coherence and direction to the entire organization by aligning the diverse work force and their myriad of activities.
Strategy is about ?doing right things? as opposed to ?doing things right? which is about execution.
Strategy serves as a brief statement of your competitive difference and tells you what to do and more importantly what ?not? to do.