A company's strategy consists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, grow the business, conduct operations, and achieve targeted objectives.
A company achieves sustainable competitive advantage when an attractive number of buyers prefer its products or services over the offerings of competitors and when the basis for this preference is durable.
Changing circumstances and ongoing management efforts to improve the strategy cause a company's strategy to emerge and evolve over time—a condition that makes the task of crafting a strategy a work in progress, not a one-time event.
A company's strategy is driven partly by management analysis and choice and partly by the necessity of adapting and learning by doing.
A company's business model relates to whether the revenue-cost-profit economics of its strategy demonstrate the viability of the business enterprise as a whole.
A winning strategy must fit the enterprise's external and internal situation, build sustainable competitive advantage, and improve company performance.
