The essence of a business strategy (BS) as illustrated by Ramsay (1989: 10) “is to try to arrange things so that you are in control of the situation; ideally, you should break the resistance of competition without a fight. . . . Strategy is usually proactive”. The same author suggested that a BS has four main components:

(a) scope of the business – which may be determined by who is being satisfied, what is being satisfied, and how needs are being satisfied;

(b) the resource development or distinctive competence of the business; (c) competitive advantages of the firm – aspects of the firm’s business where it

enjoys an edge over its competitors; (d) synergy – how parts of the firm’s processes can best be combined.