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• . A company’s strategy is management’s action plan
• The heart of any strategy is the actions and moves in the market place that managers are taking to gain a competitive edge
• comes from an ability to meet customer needs more effectively, with products or services that customers value more highly (e.g. Apple, Godiva chocolate, etc.), or more efficiently, at lower costs (e.g. Walmart). Competitive advantage
• Adapting to new conditions and constantly evaluating what is working well enough to continue and what needs to be improved are the parts of the strategy-making process, resulting in an evolving strategy
• Proactive actions to improve the company’s financial performance and secure a competitive edge, consisting of strategy elements that are both: (1) planned (unrealized - planned strategy elements may not work out); and (2) realized as planned Deliberate strategy
• Adaptive, unplanned “reactions” to unanticipated developments and fresh market conditions, consisting of the new strategy elements that emerge as changing conditions warrant. Emergent strategy
• A strategy has to be well matched to industry and competitive conditions, a company’s best market opportunities, and other pertinent aspects of the business environment in which the company operates (External Fit).
• A strategy has to be tailored to the company’s resources and competitive capabilities and be supported by a complementary set of functional activities (Internal Fit).
• Winning strategies enable a company to achieve a competitive advantage     over key rivals that is long-lasting (sustainable competitive advantage). The Competitive Advantage Test 
• The mark of a winning strategy is strong company performance: The Performance Test
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• Top management’s views and conclusions about the company’s long-term direction and what product-customer-market-technology mix seems optimal for the road ahead. Strategic vision
• describes the company’s current business and purpose A mission statement 
• are the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company’s business and pursuing its strategic vision and mission A company’s values
• relate to the financial performance targets management has established for the organization to achieve; Financial objectives
• relate to target outcomes that indicate a company is strengthening its market standing, competitive validity, and future   business prospects. Strategic objectives
• is a tool that is widely used to help a company achieve its financial objectives by linking them to specific strategic objectives The Balanced Scorecard
• of a strategy represents a managerial commitment to pursuing a particular set of actions. crafting
• focus attention on delivering performance improvements in the current period and satisfy shareholder expectations for near-term progress. Short-term objectives
• force managers to consider what to do now to put the company in position to perform better later Longer-term targets

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