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My view is that, as management, the focus has to be on having a strategy and executing it. As you do the strategy and execution, it is important to communicate it consistently.

Strategy requires thought, tactics require observation.

Strategy is about making choices, trade-offs; it's about deliberately choosing to be different.

A strategy is something like, an innovative new product; globalization, taking your products around the world; be the low-cost producer. A strategy is something you can touch; you can motivate people with; be number one and number two in every business. You can energize people around the message.

Finally, strategy must have continuity. It can't be constantly reinvented.

Strategy is, at some level, the ability to predict what's going to happen, but it's also about understanding the context in which it is being formulated. And then you have to be open-minded to the fact that you're not going to get it right at the very beginning.

I believe that the idea of strategic beliefs may be more important than strategic planning when thinking about how you keep the long view.

The essence of strategy is choosing what not to do.

You build your own strategy. You don't define it by what another competitor is doing.