Strategy is an interesting word that even the best and brightest get confused about. Some say strategy is the mission, others say the value your company offers and even others say it’s your key objectives. I found teaching Strategy at the University of Colorado more enlightening as students tend to believe it is the tactics to achieve a mission.
“Michael Porter defines strategy as competitive position, “deliberately choosing a different set of activities to deliver a unique mix of value.” Michael Porter
“A company’s strategy explains why the company matters in the marketplace by specifying an approach to creating superior value for customers and determining how capabilities and resources will be utilized to deliver the desired value to customers.” Gamble
As you think about strategy ask yourself what you believe strategy is and then answer the question: “Do you have a Strategy?”