Strategy is the answer these 4 questions:
- What is your winning aspiration? A grand vision is just a starting point of your aspiration. You need to define what is winning to you. You need to know what you need to do and what not to do to win.
- Where will you play? Set your playing field. This includes defining your preferred geographical location, product type, customer type, price tier, distribution channel, and stage of production. This is the heart of your strategy.
- How will you win? Select choices that clarify what you’re going to do on the playing field. A winning strategy is one that gives you the ability to sustainably provide better value than your competitors.
- What core capabilities must be in place? Play to your strength. You can’t leverage on your weakness.