In the current business environment, companies cannot survive without a strategy. What exactly should an effective strategy include?

A clear, concise mission statement, naming every product and outlining the company's long-term goals of success.

A set of plans for using resources to achieve sustainable goals.

A focus on long-term nonfinancial information that will provide the company with versatile management techniques capable of being used in a wide variety of situations.

A focus on accurate financial data, thus allowing the firm to effectively compete in any environment.