Strategy in 6 icons in 60 minutes

What Do these icons mean?

It’s hard to explain anything simply, and “strategy” is no different. To help anchor the discussion, I’d like to offer you these 6 icons which represent many of the core concepts of strategy:

  • Virtuous cycle: a set of activities, not just one thing, that gives a sustainable competitive advantage
  • Choice: it requires trade-offs; you cannot be all things to all people; strategy = what you decide NOT to do
  • Diminishing returns from best practices; yes, you need to be efficient (like everyone else), but that’s not enough
  • Economic moats (preferably wide, and deep) which keeps others away from your profits (treasure)
  • Strategy without implementation = just an idea; it requires commitment, execution, flexibility, process
  • Corporate strategy = where to compete (e.g., geographically, value chain)

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Consultantsmind

Consultantsmind

Reformed management consultant who now teaches at business school. Business geek.