Definition of Management Strategy

How do we define the management strategy?

The most common definition of management strategy can be: Management strategy is a future oriented conception in which the relationship between the industry and the environment (pattern for adapting to the environment) is described and it forms the guiding principles for the people in the industry for decision making.
It is obvious that the state of affairs with regard to the management strategy like the number of years for which the strategy has been planned, how minutely it has been described and for what level of people it forms the guiding principles etc., varies from industry to industry. However, it plays a fixed role towards the behaviour of each industry. Let us now try to understand the major role of management strategy.