There is no theory like good practice.  So is the case with strategy.   Strategy is something that is so frequently used, both in B-School and in the corporate world.  Yet, the term defies definition. 

To me, strategy is a vision, a plan to get to that vision, and flawless execution of that plan itself.  All along, you have to be ready to change any of these things as the world around you changes.  That is what turns me on - strategy is truly dynamic.

The paradox is the ability to be flexible while planning your moves in advance.   The ability to change course on the fly in response to the environment is an essential element of a successful strategy.