A company's strategy has a chance of succeeding only when it is predicated on

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A company's strategy must be focused on actions, business approaches, and competitive moves aimed at appealing to buyers and setting the company apart from rivals. This is the essence of competitive advantage, which is what drives success in the marketplace. While building revenue, controlling costs, and generating profit are important components of a successful strategy, they are not enough on their own. Similarly, a company's past, current, and future plans are important for understanding the context of its strategy, but they do not constitute the strategy itself. The approval of a business model by a board of directors can be helpful, but it is not sufficient for success if the model does not align with competitive realities. Finally, while financial and operating plans are necessary for executing a strategy, they are not the strategy itself.

A Company's Strategy Has a Chance of Succeeding Only When