. th e ir tra d itio n al strategic analysis and ap p ro ach es. 4 CHAPTER 1. THEORY ON FORMULATING BUSINESS STRATEGY 1. Strategy defínition and cIassification 1.1. Definition of strategy T h. et, a strategy, from any angles and at any tim e, has som e m ost typical íeatures th at reílect the natu re o f the b u sin ess strateg ies o f an enterp rise sp eciíĩed b elow : ❖ A strategy. rtu n ities are g rasp ed to g ain com p arative a d v an tages in the m arket. ❖ A strateg y is an instrum en t th at sets o u t long- term objectives o f an enterprise; and ❖ A strategy d e