Crafting a strategy involves o doing everything possible (in the way of price, quality, service, warranties, advertising, and so on) to make sure the company's product and/or service is very clearly differentiated from the product and or service offerings of rivals. O developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period. O trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. O blending deliberate, planned initiatives with emergent, unplanned reactive responses to changing circumstances, while abandoning planned strategy elements that have failed in the marketplace