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When upper levels of management have a faulty, incomplete, or poorly articulated strategy, the result is commonly a huge waste of time and resources on activities that are not unified, going in slightly opposing directions. Also, having a proper strategy does not mean that any company is all set to go. Properly articulated objectives and a company mission are involved with the strategy but are also completely removed from it in that they are a guide to the strategy. There are five key elements to a good strategy: arenas, vehicles, differentiators, staging, and economic logic. The first three of these essential elements of strategy might be considered the overall plan of a strategy, whereas the last two are more factors that are just as important, but really stem from the first three (Hambrick & Fredrickson, 2001)...
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