What makes a good strategy?

If we agree that strategy is about finding ways to make something better and/or cheaper than competitors, in a sustainable way, then Rummelt's criteria stand for any strategy:

A good strategy is a mixture of policy and action designed to surmount a high-stakes challenge, with an underlying logic consisting of:

1. a diagnosis of the issue at hand,
2. an overall guiding policy explaining how the issue will be handled, and
3. a set of coherent actions designed to focus energy and resources.

Three simple questions to ask for (1):

• Where have we been?
• Where are we right now?
• Where do we want to go?

And three simple questions to ask for (2) and (3):

• How will we get there?
• How will we know?
• What will be the measures of success?

(2) and (3) have same questions, but the answers should be much more tactical and operational for (3).

Above process will help you improve any strategy, be it innovation, product, or a business one.