Carefully crafted strategies often deliver only a fraction of their promised financial value. Why should this be so? Is it because CEOs press for better execution when they really need a sounder strategy? Or is it because they focus on crafting a new strategy when execution is the organization’s true weakness? Are there other reasons? And how can such errors be avoided? A good starting point is a better understanding of how strategy and performance are linked.
A plethora of research on this issue exists. Much of what we know about the determinants of industry, firm, and business (financial) performance is in the form of measures of individual relationships in models linking various hypothesized ...
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