Here is an amazing article by Michael Porter published in Harvard Business Review that helps one better understand what strategy really is. Let me try to paraphrase Michael Porter’s definitions of strategy here:
– Strategy is the creation of a unique and valuable position involving a different set of activities.
– Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.
– The essence of strategy is in the activities – choosing to perform activities differently or to perform different activities than rivals.
– Strategy is making trade-offs in competing. The essence of strategy is choosing what not to do.
– Strategy is … defining and communicating company’s unique position, making trade-offs, and forging fit among activities.
Check out this Porter’s video “What is Strategy”: Tweet