Aiming to reveal the university students' understanding in management as for the strategy and strategic management phenomena, this study accomplishes a phenomenographic research to assess the future managers' market perception. It was chosen university students in Management of a Portuguese University. We conclude that the strategy definitions obtained are an assembly of the diverse existing concepts. Concerning to strategic management it was perceived an approach with one of the main existing

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... oncepts. The findings raise interesting issues with respect to the difficulties felt by new managers in translating their theoretical definitions in real examples in the organizations.