Strategy consists of:

• Arenas - Where will the company be present? Specific arena such as product categories, market segments, technologies but also activities in the value chain.
• Vehicles - How will the company get to the place it intends to? Specific means of appearing in the defined arena, such as internal development, greenfield start-ups, M&As, joint ventures, or licensing.
• 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.
• Staging - What are the steps and their timing to enter arenas and deploy differentiators?
• Economic logic - How will the company make the profit (above the cost of capital)?