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A strategic business is one that operates with a long-term time horizon in mind, and with important/critical products/services in its offerings portfolio. This depends on from which angle it is viewed, the business itself or the customers/markets view.
Like many other things in business world, businesses like to use and overuse/abuse the term "strategic" to give extra weight/value to whatever it is dealing with. This applies to products and services calling them "strategic" products and services. This may also apply to customers & markets calling them "strategic" markets and "strategic" customers, ,. etc .. etc.
Business entities may also create one or more department/business unit and call it "strategic" to designate higher value and attention to it compared to the other departments/units in the organization.
In fact this goes to the extreme that someone described in a funny way saying " a strategic product/unit is one that cannot survive on its own, hence it is given the title "strategic" to gain top management attention, finance and support " !!!
