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Defining Strategy
An integrated set of informed choices and timely actions that gives a firm a sustainable advantage over its competitors.
Implications
The process of setting a company�s direction and making decisions about how to allocate resources to achieve its goals, often involving the analysis of competitive advantages, market opportunities, and organizational capabilities.
Example
Example: A biotech company engages in defining strategy by identifying its core competencies in gene editing technology and deciding to focus its R&D efforts on therapeutic applications for rare diseases.
Related Terms
Different from operational planning, which focuses on executing specific tasks, defining strategy is about setting the broader direction and priorities for the organization.
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