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Modern business strategy emerged as a field of study and practice in the 1960s; prior to that time, the words “strategy” and “competition” rarely appeared in the most prominent management literature. Alfred Chandler wrote in 1962 that: “Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.” Michael Porter defined strategy in 1980 as the “…broad formula for how a business is going to compete, what its goals should be, and what policies will be needed to carry out those goals” and the “…combination of the ends (goals) for which the firm is striving and the means (policies) by which it is seeking to get there.”

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