The question “What is strategy?” has stimulated lots of debates, countless articles, and serious disagreement among management thinkers. Perhaps this is why many executives also struggle with it. However, they deserve a pragmatic reply. Understanding how a strategy is crafted is important, because there is a proven link between a company’s strategic choices and its long-term performance. Successful companies typically have a better grasp of customers’ wants and needs, their competitors’ strengths and weaknesses, and how they can create value for all stakeholders. Successful strategies reflect a company’s clear strategic intent and a deep understanding of its core competencies and assets—generic strategies ...
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