Strategy concerns the nature, direction and focus of tomorrow's business. The management process of establishing, reviewing and updating a Company's Strategy should be one of the most stimulating and purposeful activities in which Senior Managers are involved. The need for an improved approach is highlighted in paper after paper in management and academic journals and conference proceedings and recently by government and trade association conferences concerned about member company's competitive survival in the more open markets of the 21st centary and beyond. The recession period has projected the differences between the management practices of leading and average companies. Till date, many companies have persevered with Strategy processes led by corporate planners, with major investments in basic market analyses by external consultants. In the past decade, the World and India have seen momentous changes taking place in the business environment. The winds of reforms have been sweeping the economy relentlessly. Fortunately, Companies recognise that the business world is in constant opportunistic turmoil and that Strategic decisions need to provide the framework and guidelines