A recent article in McKinsey Quarterly is a great summary of structural changes and how to exploit them, written by Richard Rumelt. And this article has one of my favorite characterizations of “Strategy”. This word has been over-used and abused in recent years to the point where the idea has lost respect and I believe it is critical for businesses to thrive by creating, crafting, and socializing real strategy. So I greatly appreciate the summary in this article:
“By strategy, I mean a cohesive response to a challenge. A real strategy is neither a document nor a forecast but rather an overall approach based on a diagnosis of a challenge. The most important element of a strategy is a coherent viewpoint about the forces at work, not a plan.”
