Strategy scholars Donald Hambrick and James Fredrickson propose that a good strategy has

five elements, providing answers to five questions:

1. Arenas: Where will we be active?

2. Vehicles: How will we get there?

3. Differentiators: How will we win in the marketplace?

4. Staging: What will be our speed and sequence of moves?

5. Economic logic: How will we obtain our returns?68