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#1 A strategy is a mixture of policy and action designed to surmount a high-stakes challenge. It is not a goal or wished-for end state. It is a form of problem solving, and you cannot solve a problem you do not understand or comprehend.

#2 The great missing piece in the foundation of almost all writings and teachings about strategy is a weakness well captured more than a decade ago by strategy authority Gary Hamel: Of course, everyone knows a strategy once they see one—be it Microsoft’s, Nucor’s, or Virgin Atlantic’s.

#3 The key steps in dealing with a strategic challenge are a diagnosis of the situation, finding the crux, and then creating reasonable action responses. To take a closer look at these steps, I am going to look at the situation Netflix faced in early 2018.

#4 In 2011, Netflix faced a significant upset. It had been paying $30 million per year to Starz for access to its shows. At contract renewal, Starz asked for an increase to $300 million per year. Netflix had to raise subscription fees by 60 percent.

Summary of Richard P. Rumelt's The Crux

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