Once the problem has been defined, the next thing is to decide on the strategic choices – do you compete on price i.e. low-cost producer and sell at the lowest price. In which case, your source of competitive advantage is affordable pricing? Or do you focus on being differentiated by making products and offering services that your customers adore, in which case they are willing to pay any price? To do so, you must understand your market or customer segments, their incomes and offer products that are highly differentiated and appropriate for each segment. For example, Apple’s iPhone may be…

“Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.” Michael Porter Many leaders want to keep their options open. Because they want to avoid accountability. Keeping one’s options open is not prudent leadership, it is an indication of lack of confidence in the decision-making processes. Keeping your options open means more resource commitment, trial and error, and limited focus. It is not easy to win when you do so many things at the same time. However, do not confuse choice with identifying a specific sector or business and going a mile deep into the business or…