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Quick takeaways
- Many companies view strategy as a plan of initiatives, overlooking the importance of compelling customers and stakeholders.
- The field of strategy has become a lost art, with a focus on other areas like post-merger integration and cost reduction.
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Definition of Strategy
Strategy is defined as an integrated set of choices that fit together to position an entity as the best in its field. It involves choosing options that lead to a desired outcome, rather than simply following a plan of initiatives. Many companies fall into the technocratic view of strategy, treating it as a mere plan with a list of initiatives. However, this approach often fails to produce results and overlooks the importance of compelling customers and stakeholders, who are beyond the company's control.
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