This graphic summarises the elements of an effective strategy.

Anyone can throw punches (execute tactics) but it takes more than that (strategy) to give them knockout power.

During Round 1, you go through steps 1-5. Then Round 2 begins and it again involves a diagnosis including the learnings from Round 1, what worked and what didn't, what needs more focus, what's done it's job etc. and assess what objectives you'll keep from Round 1 and whether you'll introduce anything the next next round. For marketing, replace round with your operating cycle (quarter, year, etc).

Check out this animated video explaining the concept.

Analogy developed by Marc Binkley and Dan White with builds from Robert Fazekas.