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Strategy or Execution: Which Is More Important?

It seems obvious that teams need both strategy and execution; however, the application of both is often rare. It requires a team that appreciates a diversity of styles for analysis and action. Teams need to integrate thinking, acting, reflecting, iterating, studying, learning and adapting. From Strategy + Business: Strategy or Execution: Which Is More Important? Also see the article written by John van Zwieten for Catalyst:  Is Your Investment in Strategy Wasted in Execution?