Strategy is defining segments served and creating a sustainable competitive advantage. It is your road map. It is where and how your firm chooses to compete. Your initial strategy, as well as the paper you will complete at the end of the simulation, should address the following elements: Business definition: Who do you want to serve and why? Be sure to include customers/segments to be targeted and customer needs satisfied. What is the rationale for these choices (e.g., segment attractiveness. market gaps, fit with resources, synergies)? Competitive advantage: What competitors will you compete against and how? Performance objectives: What are your firm’s performance goals (e.g., highest cumulative profit, highest stock price, largest market share)? Key success factors: What is required of your firm to execute this strategy successfully (e.g., product development, outspend competition, first in the market)? Strategic assumptions: For your strategy to be successful, what are the underlying assumptions (e.g., first mover)? In essence, your marketing strategy defines your team. How aggressive is its decision-making? How much risk is it comfortable with? Is it proactive or reactive to the marketplace? How patient is it with its decision(s)?