There is no way to divorce the decision determining the most sensible economic strategy from the personal values of those who make the choice.
Corporate strategy is the pattern of major objectives, purposes, or goals and essential policies and plans for achieving those goals stated in such a way as to define what business the company is in or is to be in and the kind of company it is or is to be. In a changing world it is a way of expressing a persistent concept of the business so as to exclude some possible new activities and suggest entry into others.
The determination of strategy also requires consideration of what alternative is preferred by the chief executive and perhaps by his immediate associates as well, quite apart from economic considerations. Personal values, aspirations, and ideals do, and in our judgment quite properly should, influence the final choice of purposes. Thus, what the executives of a company want to do must be brought into the strategic decision.
Finally, strategic choice has an ethical aspect—a fact much more dramatically illustrated in some industries than in others. Just as alternatives may be ordered in terms of the degree of risk that they entail, so may they be examined against the standards of responsibility that the strategist elects. Some alternatives may seem to the executive considering them more attractive than others when the public good or service to society is considered. What a company should do thus appears as a fourth element of the fateful decision we have called strategic