It is easy to make fun of Strategy since constant market changes will challenge the most thoughtful plans. "Strategery" is good comedy.
Strategy + Business helps us admit that a great strategy should simply be unique, specific, and complete.
Since your goals and capabilities are not in constant flux, Strategy concepts should stimulate your thinking without substituting for it ... they should enhance your strategy without becoming it.
In the last 50 years we have seen many flavors ...
In the 1960s and 1970s, the hot concepts were the experience curve, the growth-share matrix, and SWOT (strengths, weaknesses, opportunities, and threats) analysis. The 1980s gave us five forces, value chain strategy, scenario planning, and total quality management. In the 1990s, business process engineering, customer loyalty, competing for time, competing for the future (core competencies), and growth horizons gained traction. Those ideas were followed by co-opetition, BHAGs (big, hairy, audacious goals), growth adjacencies, and blue oceans in the 2000s. Now we are believers in lean startup, disruptive innovation, digital strategy, transient advantage, and agile.
I believe what we are learning is to KISS...
Great strategies answer 5 critical questions:
1. What business or businesses should you be in?
2. How do you add value to your businesses?
3. Who are the target customers for your businesses?
4. What are your value propositions to those target customers?
5. What capabilities are essential to adding value to your businesses and differentiating their value propositions?