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The essence of strategy is that you must set limits on what you're trying to accomplish.

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

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.

Strategy requires thought, tactics require observation.

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

My objective with strategy is to be very repetitive, to be somewhat boring, to allow people to coalesce behind a common direction.

Strategy 101 is about choices: You can't be all things to all people.

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.

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

Tactics are manipulative.