The contemporaneous business community is more dynamic than it has even been and companies across the globe continually strive to develop and sustain competitive advantages. The most common approach to gaining market superiority is that of developing and implementing the most suitable strategies. The specification of the most suitable strategies is given by the simple reason that each entity is different in terms of activity conducted, resources possessed (labor force, technologies, capital or other commodities), objectives followed and market or industry characteristics and requirements. As a consequence, no perfect strategic program can be developed and implemented by all companies and ensure their ultimate success; ergo, organizations need to develop personalized and customized strategies.
             The concept of strategy has been adopted by the business entities from the military community and it basically has the same meaning: the bridge between politics and tactics, which in the end represent the bridge between ends and means (Nickols, 2000). Steiner (1979) on the other hand approaches the definition of strategy from a different angle and states it to be the actions implemented by one in order to top the actions of the competition. This easily points out the role of a strategic approach in gaining a competitive advantage. Porter (1996) emphasizes that a strategy is all about being different, or "deliberately choosing a different set of activities to deliver a unique mix of value." The list of definitions is endless, but a conclusion can be made in the meaning that a strategy is a set of actions that are aimed to support the organization in reaching its ultimate goals.
             The strategic program is applied at various organizational levels and to various extents, as to retrieve several outcomes. Four major approaches of a strategy are currently at hand: strategy as a rational thought, strategic planning and decision making; st...