A strategy is, at its core, a guide to behavior. A good strategy drives actions that differentiate the company and produce financial success.
A lot of strategies, though, are simply inert. Whether they are good or bad is impossible to determine, because they do not drive action. They may exist in pristine form in a PowerPoint document, or in a “strategic planning” binder, or in speeches made by top executives. But if they don’t manifest themselves in action, they are inert, irrelevant. They’re academic.