What’s the definition of strategy?
It’s probably the most misused term in the workplace.
Strategy isn’t your goals. It’s not what you invest in, what you acquire, how you diversify. It’s not a vision or mission and it’s also not an aspiration. So, it’s not surprising that you see a generic, watered down use of the word misapplied.
Strategy is simply: a set of integrated choices that define how you will outperform your industry in the face of competition. (Credit: Michael Porter and Joan Magretta)
Said differently: it’s a deliberate, well-researched and tested series of decisions that create and sustain profitability in an industry where multiple competitors ALSO achieve profitability. It is not a zero sum game.
