Strategy consists of:
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Arenas - Where will the company be present? Specific arena such as product categories, market segments, technologies but also activities in the value chain.
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Vehicles - How will the company get to the place its intends to? Specific mean of appearing in the defined arena, such as internal development, greenfield startups, M&As, joint ventures, or licensing.
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Differentiators - What generic strategy will we follow? The choice between differentiation, cost leadership, focused differentiation, or focused cost leadership; and description of how the chosen strategy will be implemented.
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Staging - What are the steps and their timing to enter arenas and deploy differentiators?
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Economic logic - How will the company make the profit (above the cost of capital)?