Strategy is key in determining whether a company will stay ahead of its competitors, expand and become more efficient. But strategy formulation is a poorly defined process at many companies. The situation is compounded by myths surrounding strategy formulation and execution. Six of those myths are dispelled here, with advice on what companies should do to prepare and implement successful strategies.
Also See Company Strategy (Graphics)
A Mint-Corporate Executive Board initiative on exploring management trends.
Illustrations by Shyamal Banerjee; graphics by Ahmed Raza Khan / Mint