This article aims to introduce the concepts of "academic strategy" in 33 shaping strategic planning for Korean higher education. Focus is on the policy question as to the situation in the future: Given a declining number of students, the acute financial situation, intensifying competition, and the need for changes in content, distribution, and the style of delivery of the academic offerings, what should a university do? It is, in fact, a challenge and an opportunity for colleges and universities in Korea to re-engineering the structure and management patterns with regard to the future environment. For any college or university that hopes to survive in the period ahead and perhaps emerge a bit stronger and better, there appears to be one overriding answer -- the answer that the more alert and forward-looking institutions have already begun to move. Colleges need to strengthen their management and shape academic strategy for themselves. The paper discusses four components of academic management which are usually interwoven: Administration, Management, Leadership, and Governance. But academic executives on any campus need to keep each of the four in mind, with special attention in the coming years to the most neglected component: management. So before embarking on the formulation of strategies, a president or dean should move where movement is easiest and traditionally acceptable, and in doing so get everyone ready for the longer, more difficult voyage. The paper concludes that with precise information, real quality in most parts of the institution, and a nucleus of gifted, innovative people, the work of shaping an academic strategy can begin.