March 29: What Is Strategy? (Part 1 of 2)

“The essence of strategy is choosing what not to do. Without tradeoffs, there would be no need for choice and thus no need for strategy.” - Michael Porter

Source: Harvard Business Review (pdf)
Published: November 1996

What Is Strategy? (Part 1 of 2)

Harvard Business School professor Michael Porter defined “strategy” in his classic 1996 article on the topic.

“The essence of strategy is choosing what not to do. Without tradeoffs, there would be no need for choice and thus no need for strategy.” - Michael Porter

Strategy is:

• Choosing to perform activities differently than rivals do.

• Proactive choices in the variety of products your business provides, the customer segments it serves, and the market channels it uses.

• Outperforming rivals by establishing a difference you can preserve.

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