strategy

Question 1

what’s strategy?

Answer 1

hard to revise choices
made
ahead of time in the face of uncertainty
to
create and capture economic profit

Question 2

what should a strategy have?

Answer 2

• consistent language and well defined concept
• good research of environment
• provide unbiased opinipns

Question 3

what are the first 3 tests for strategies?

Answer 3

1. will strategy beat the market?
   > or is it just playing along
2. does your strategy tap the true source of advantage?
   > or is it just based on misplaced diagnosis of why you earn returns
   > positional and proprietary advantages [external and internal]
   right industry vs unique advantage
3. is your strategy granular about where to compete?
   > or are markets defined generically
   > or do u target a specific market and are failing to match resources to opportunities