What is Strategy!

2024-12

Strategy is a set of decisions that will have organisation-wide impact. It is about making choices under uncertainty on deciding where to compete, where not to, and how to win.

Strategy is fuelled by two drivers.
The first is desire --> the ambition behind the strategy. This could be market dominance, becoming the most innovative player in the industry, or simply outlasting the competition.
The second is ability --> the capacity to identify valuable opportunities and innovate to capture them. Desire without ability is wishful thinking.

Strategy is all about "How"

  • How to out-compete rivals
  • How to improve the firm's financial and market performance
  • How to respond to changing market and economic conditions
  • How to identify and act on growth opportunities

All strategies should be developed with an eye on the customer, and all implementations are carried out with an understanding of their impact on the customers.