WHAT IS STRATEGY? For one thing, it is probably the business world’s most used and abused word. We have strategies for everything: from advertising to logistics to human resources to custodian engineering. This is a shame, for the concept of strategy is both profound and useful. Bruce Henderson captured it classically: “All competitors who persist over time must maintain a unique advantage by differentiation over all others. Managing that differentiation is the essence of long-term business strategy.

The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives