Essence of Strategy: Controversial Choices

Abstract:     
The essence of strategy is to make controversial choices; this is the only way to gain a competitive advantage. Both strategy development and execution require making difficult choices and trade-offs often in the context of much uncertainty. Smart managers are bound to have opposing views given the nature of strategic decisions. This paper presents a process for strategy development that can help managers surface this conflict, and then manage and resolve the conflict, thus resulting in more effective strategic choices.

Keywords: Strategy, competitive advantage, strategic planning process, choices, trade-offs, managing conflict, strategic analysis

JEL Classifications: M10

Working Paper Series