Trying to define Strategy

Strategy is word of many-a-meaning. Often thrown in a discussion to bring any sense of progress and action to a halt.

My current understanding of strategy…

“Strategy is the ability to develop a competitive advantage based on a long-term perspective, founded on clear points of differentiation.” – Michael Porter­­­­

“Strategy to shape the future not to react to it. The central task of the company is to figure out how it can satisfy its customers with its problem-solving solutions or services.” – Peter Drucker

“A strategy is a coherent set of analyses, concepts, policies, arguments, and actions that respond to a high-stakes challenge.” – Richard Rumelt, Good Strategy Bad Strategy

“Strategy a pattern in a stream of decisions. … our conclusion is that strategy walks on two legs – one deliberate and the other emergent.” – Henry Mintzberg

“Strategy is choice. Strategy is not a long planning document; it is a set of interrelated and powerful choices that positions the organization to win.” – Roger L. Martin, Play To Win

“In complexity you define a direction of travel, not a goal, because if you start on a journey you will discover things you didn’t know you could discover which have high utility. If you have an explicit goal you may miss the very things that you need to discover.” – Dave Snowden

Strategy is making choices regarding an organization. These choices include hypotheses of which competitive arena you want to be successful in (“where to play”; Roger L. Martin) and how to be successful in that arena (“how to win”; Roger L. Martin).

You formulate the said hypotheses based on your knowledge of the user, the market and relevant trends.

Strategic statements are inherent trade-offs where ventures prioritize one promising thing even over another potentially promising thing.

Strategy is where you make decisions about the intersection of people’s problems and desires, trends and your offerings.