Strategy refers to an overall plan to achieve a long-term goal. Most companies have one, but not every company has a good one.
Lifting Richard Rumelt's description of the underlying structure of a good strategy:
1. **Diagnosis**. Define and explain what the nature of the challenge is, your view of the Environment, and reduce risk of Disagreeing on the Problem. 2. **Guiding Policy**. Explain how you'll overcome the challenge and potential obstacles. 3. **Coherent Actions**. Clarify how you'll carry out the policy, and how these actions complement each other.
When giving a diagnosis, it's important to be specific enough that it can't be interpreted in many different ways, but it shouldn't fall into the realm of Tactics.