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According to Michael Porter, "Almost no consensus exists about what corporate strategy is, much less about how a company should formulate it"[1]. This is due to a combination of factors that relate to strategy terms, concepts and principles – and their practical application.

This article is designed to provide executives with a better understanding of the nature and purpose of strategy and draws on Jack Welch's record at GE, as well as examples from other companies, to show how these strategy-related terms, concepts, and principles apply in practice.

The terms, concepts and principles of strategy

From my work as a strategy consultant, executive, and professor of strategy in graduate and executive programs, I have found that strategy can be best understood if it is viewed as an element of a troika that includes policy, strategy, and resources (the PSR Troika). I have also found that it helps to focus on two aspects of strategy: the causal relationship between strategy and......

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Approximate Word Count: 3288
Approximate Pages: 14 (250 words per double-spaced page)

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