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Value contribution: strategy vs execution
What value does each contribute?
Product strategy is a force multiplier on execution. What value does each contribute?
Strategy sets the theoretical maximum of potential value that can be created. Execution (product discovery and delivery) determine how much of that potential value is realized.
Another way to think of it: strategy sets the ceiling on value, while execution sets the floor. The best strategy without execution is worthless. But great execution on a weak strategy is value capped, likely on a local maxima.