chapter 1 What Is Strategy and Why Is It Important Learning Objectives This chapter will help you LO 1 1 Explain what we mean by a companys strategy and why it needs to differ from competitors strategies LO 1 2 Explain the concept of a sustainable competitive advantage LO 1 3 Identify the five most basic strategic approaches for setting a company apart from its rivals LO 1 4 Explain why a companys strategy tends to evolve LO 1 5 Identify what constitutes a viable business model LO 1 6 Identify the three tests of a winning strategy Roy Scott Ikon Images Getty Imageschapter 1 What Is Strategy and Why Is It Important? Learning Objectives This chapter will help you LO 1-1 Explain what we mean by a companys strategy and why it needs to differ from competitors strategies. LO 1-2 Explain the concept of a sustainable competitive advantage. LO 1-3 Identify the five ...most basic strategic approaches for setting a company apart from its rivals. LO 1-4 Explain why a companys strategy tends to evolve. LO 1-5 Identify what constitutes a viable business model. LO 1-6 Identify the three tests of a winning strategy. Roy Scott/Ikon Images/Getty Images