The essence of strategy is choosing a unique and valuable position rooted in systems of activities that are much more difficult to match to gain a competitive edge. Easier said then done. A good strategy needs at least 5 elements: 1) objective, 2) scope, 3) advantage, 4) alignment, and 5) fit.
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We often hear the term strategy but everyone has a different definition of what it is. Any good strategy is there to guide decision makers within an organization to make choices about what to do (e.g. should we invest in a new market?) and about what NOT to do. For example, if an investment company chooses to strictly focus on investors that are not self-investors, logically, top marketers should not be offering self-investing tools on its websites. Once a company has chosen a strategy, it should qualify good ideas by answering the question, Does this fit with our strategy? Without a strategy, any idea is a good one.

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2 commentslatest by Yves, Jun 5th at 8H09

Seems like a simple question but you would be surprised by the number of times I’ve come across some top managers in major companies who can’t articulate their own strategy. And if and when they do, the words that come out take on all sorts of forms.

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5 commentslatest by Yves, Jun 5th at 8H50