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What is strategy?

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  1. Operational effectiveness is not strategy
  2. Strategy rests on unique activities
  3. A sustainable position requires trade-off
  4. Fit drives both competitive advantage and sustainability
  5. Rediscovering strategy

The first thing to understand is that operational effectiveness is necessary but it's not sufficient to achieve a long-term profitability. Strategy and operational effectiveness are two different things: operational effectiveness means doing things better; strategy means doing otherwise. The operational effectiveness allows moving the productivity frontier outward but because of the rapid diffusion of best practices this is an endless-quest (for example the Japanese companies in the eighties).

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