In a simplified view, you could say that a strategy consists of strategic goals and measures under certain assumptions about strategic entities, i.e. the company, its ecosystem including the competition and its business and operational models as well as its capabilities.
Figure 1: Modelling strategy
Definitions
Strategic assumptions are descriptions of the current or future state or change of state of strategic entities.
Strategic goals are definitions of the future state of one or more strategic entities.
Measures are linked to strategic goals and define tasks for the implementation or execution of the strategy. Each strategic goal has to have at least one measure.
Completeness and consistency of strategy
Each strategic goal has to relate to strategic entities. To be more precise, all parts of our underlying data model that describe strategic entities are relevant and should be related to strategy and its components.
A strategy is called complete regarding strategic entities, if all data objects describing strategic entities are covered in strategic goals, assumptions, and measures.
A strategy is consistent regarding strategic goals and assumptions, if the strategic goals can be reached under the strategic assumptions.A strategy is consistent regarding strategic goals and measures if the measures are sufficient to reach the strategic goals.
Read more in my upcoming book on M&A strategy