"Corporate strategy thus implies an attempt to alter a company's strength relative to that of its competitors in the most efficient way. Of course, the condition of the business itself can be improved by reference to absolute criteria. For example, a company may seek to reduce the costs of its products by using value engineering or seek to improve its cash flow by shortening the collection periods of receivables. (...)
These "operational" improvements can be regarded as a part of business strategy.
I believe, however, that it will make for clearer thinking if we reserve the term 'strategy' for actions aimed directly at altering the strength of the enterprise relative to that of the competitors."
- from The Mind of the Strategist - by Kenichi Ohmae