Strategy is a holistic concept that due to its high complexity has been frequently misunderstood. Its arbitrary and inaccurate use has been common throughout corporate world, management practices and even literature. Despite being such a widespread and referenced topic, only few are able to distinguish what a genuine strategy is, from whatthe concept is not. Consequently, this brief assessment is an attempt to uncover the insights and main features of strategy. It aims at providing a sufficient and modern framework on what the concept ́s nature is by decomposing it into its four key components. No strategy can be regarded as such without a careful yet sound definition of the competitive arenas, unique resources, specific competencies and sustained value mechanisms involved in the organizational realm. Being able to identify the hallmarks of strategy will most definitely yield a better perspective of how management works and how companies may better competein a dynamic and volatile marketplace. In addition to this forewords and inquiries, the research agenda will unfold the nature of one of the most well know and cherished strategy examples of all time: Cirque du Soleil. Hopefully, the case study of the Canadian spectacle company will render enough background and empirical evidence so that a mental model can be drawn upon in order to propose a way to determine if a company has or lacks of a genuine strategy.