I) The Classic Approach to Formulating Strategy: "Competitive strategy is a combination of goals for which the firm is striving and the means by which it is seeking to get there."

Goals:
Objectives for profitability, growth, market share, social responsiveness, etc.
Means:
Target markets
Product lines
Marketing
Sales
Distribution
Manufacturing
Labor
Purchasing
Research and development
Finance and control

SOURCE: Competitive Strategy Michael Porter Free Press

II) The Decision Based Definition of Strategy: "A business strategy is a set of dynamic, integrated decisions which you must make in order to position your business in a complex environment."

Decisions:
What business do we choose to be in?
How much growth potential?
What is the profit potential?
How do we enter this business?
What resources are required?
How do we gain competitive advantage?
How do we sustain competitive advantage?
How and when do we exit the current business?
Who are the right people to make it happen?

SOURCE: Business Sense by Dan Thomas The Free Press

III) The "Bottom-up Marketing " View of Strategy: Traditional strategy is top down, decide what you want to do and figure out how to do it. Alternatively, Find a tactic that works and build a strategy around it. Go down to the front where the marketing battle is being fought. Where is the front? In the minds of your customers and prospects.

1) Monitor the trends
2) Narrow your focus
3) Strike the weak point of your competitor in the mind of the customer
4) Build your strategy
5) Make changes to make it work
6) Test your strategy in advance with prospects, your salesforce, the press
7) Sell your strategy
8) Get enough resources
9) Plan and execute the launch strategy
10) Keep things on track
11) Sense your success. Successful programs usually start working from day 1 and vice versa.
12) Pour it on, go all out, rest is for losers
13) Cutting your loses, if it doesn't work, find another tactic and build it into the strategy
14) When in doubt, do something. Have a bias for action

SOURCE: BOTTOM-UP MARKETING Ries and Trout A Plume Book