a strategy is a coordinated and integrated set of five choices: a winning aspiration, where to play, how to win, core capabilities, and management systems.

In this chapter I’ll lay out a seven-step approach to strategy-making anchored in the structured formulation of a set of well-articulated hypotheses—or strategic possibilities—for strategists to choose between.

In this section of chapters, we’ll cover five tests every good strategy must pass: A distinctive value proposition A tailored value chain Trade-offs different from rivals Fit across value chain Continuity over time