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Strategy is a basic aspect of the Business in Context model which connects environmental and organizational variables as a process. There are many interrelated elements in strategy including the creation and evaluation of options, analysis of internal strengths and weaknesses, consideration of external environment and decision-making process (Needle 2010). Briefly, strategy is a plan for goals, action, monitoring and evaluation in business operation which aims at outperforming competitors and achieving sustainable competitive advantage. In other words, the purpose of business strategy is to accomplish continuous profitable return on investment (Piggott 2012). Strategy is a high level planning and essential to clarify business plan which is a definite operational level plan (Soyref 2012a). Strategy process is the procedure in which management strategy is formed. Rational approach is the classical procedure to establish strategy which requires analysis, strategy formulation and strategy implementation in order (Needle 2010).

Business can be analysed in internal aspect including core competence, resource based view and value chain, external aspect including supply chain and Porter’s five forces model as well as external and internal aspect containing SWOT and stakeholders analysis. Core competences stand for the activities of the firms which provide advantage over the competitors. This could be advanced products or excellent customer services (Needle 2010). Resource based view refers to analyse rare, valuable, inimitable and non-substitutable resources that firms possess to achieve competitive advantage (Soyref 2012a). The value chain indicates the way resources are organized to produce cumulative value to the final users (Needle 2010). Porter’s five forces model includes the threats of potential entrants, threats of substitution, the bargaining power of suppliers, bargaining power of buyers and competitive rivalry lying at the centre (Needle 2010). Wetherly