Throughout your personal, professional, and academic life, you have been exposed to the concept of strategy in many ways. From career growth to personal finance and business planning, the concept of strategy can be confusing, vague, and seemingly impossible to master. In this exercise, you will conceptualize the meaning of strategy by explaining how its used in a management capacity, and what is to be gained in its application from a real world perspective. To develop, actualize and communicate a deep understanding for the meaning of strategy, execute the requirements below in a 500 word (minimum) essay, due no later than the last day in Unit 1. Explore the library video resources. Watch a minimum of five videos to develop perspective on the subject of strategy and its importance to business. Develop a thesis statement to conceptualize the purpose of strategy in business, explain why and how leaders and/or managers use it to gain competitive advantage. Analyze and explain the process for formulating business strategy. Critically evaluate the purpose of the organizational vision, mission, purpose, philosophy, and goals of a business. Analyze and explain how the management strategy hierarchy leads to competitive advantage. As a result of business strategy, explain the pros and cons of cost and differentiation types of competitive advantage.