CHAPTER 1: What is Strategy

This chapter provides an overview of business strategy, defined as a company’s plan to gain, and sustain, competitive advantage in the marketplace that involves making four key strategic choices: (1) Where to compete (markets); (2) what unique value the firm will offer in those markets (e.g., cost, differentiation, or both); (3) the resources and capabilities required to deliver that unique value better than competitors; and (4) ways to sustain the advantage by preventing imitation.