The purpose of this paper is to provide a conceptual framework to understand the subject of strategy.
The article weaves together the author's thinking, research and experience in strategy consulting.
Strategy is the relationship between means and objectives. It operates at a system level.
Bad strategy is expensive. A better understanding of the difference between strategy and tactics will clarify objectives, shape innovation, allocate resources and enable competitive advantage.
The paper deals with widespread error and confusion about the nature and function of strategy, with significant implications for decision‐making.
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