Abstract Little work has been done to date in applying the concept of strategy to non-profit organizations. This article focuses on strategic planning in the higher education setting and identifies the key strategic decisions areas for a college or university. Four levels of strategy are discussed and contrasted with the three levels typically used to described a complex, divisionalized business firm. Specific decision issues are identified for each strategy level and compared, where appropriate, to similar issues in the business sector. Finally, several avenues of research are suggested to enable better understanding of strategy content and process in institutions of higher education.