Strategy refers to the process of formulating and implementing a plan of action to achieve the long-term goals and objectives of a business. It involves analyzing the current state of the business, identifying challenges and opportunities, and developing a roadmap for success.

Elaborating on strategy in business management consulting, here are the key aspects:

1. Goal Setting: Consultants work with businesses to define clear and measurable goals. This involves understanding the business's vision, mission, and desired outcomes.
2. Environmental Analysis: Consultants conduct a thorough analysis of the internal and external business environment. They assess factors such as market trends, competition, customer behavior, regulatory landscape, and technological advancements. This analysis helps identify opportunities and threats that inform the strategy.
3. SWOT Analysis: Consultants perform a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to evaluate the business's internal capabilities and external factors. This assessment helps determine areas of competitive advantage, potential risks, and areas for improvement.
4. Strategic Planning: Based on the analysis, consultants work closely with the business to develop a strategic plan. This plan outlines the actions and initiatives required to achieve the defined goals. It includes identifying target markets, positioning, product/service offerings, pricing, distribution channels, and marketing strategies.
5. Implementation: Consultants support the business in implementing the strategic plan. This involves establishing clear action steps, assigning responsibilities, and developing a timeline for execution. Regular monitoring and adjustments are made to ensure progress and address any challenges.
6. Performance Measurement: Consultants help businesses establish key performance indicators (KPIs) and metrics to measure the effectiveness of the strategy. This enables businesses to track their progress, identify areas for improvement, and make data-driven decisions.
7. Continuous Improvement: Strategy in business management consulting is an iterative process. Consultants facilitate regular reviews and updates to the strategy based on market dynamics, changing business needs, and emerging opportunities. This ensures that the strategy remains relevant and adaptable to evolving circumstances.

Overall, the strategic approach in business management consulting helps businesses align their activities with their goals, make informed decisions, allocate resources effectively, and maximize their chances of success in a competitive business landscape.