The traditional process for identifying and executing strategy calls for companies to take their external environment as a “given” and analyze that environment to determine the best way care out a competitive advantage in that environment by following either a “differentiation” or “low cost” strategy. In this report, however, we examine a different approach that argues that organizational strategies can and should vary based on structural conditions, the resources and capabilities of the organization and the organization’s “strategic mind-set” and that companies can develop and implement strategies that actually reshape their external environment in a way that is most favorable to them.