We suspect that every regular reader of the business press has, in one way or another, been steeped in the logic of strategy and competitive advantage.

We have all been exposed to the notions of the five forces, core competencies, SWOT, “coopetition,”and a myriad of other frameworks for how leaders can help their firms prosper.

For the few who missed class that day, the essence of strategy is contained in a single question: “The fundamental question in the field of strategic management is how firms achieve and sustain competitive advantage.”