Roger Martin sums up beautifully what strategy is:
The very essence of strategy is explicit, purposeful choice.
Strategy is saying explicitly, proactively: “We’re going to do these things and not those things for these reasons.”
You only know that you’ve made a real strategic choice if you can say the opposite of what that choice is, and it’s not stupid.
This is the reason why so many brands fail. They are too afraid to make choices. If you are not premium and if you are not cost-cutter, you fall in the middle. And being in the middle is not a choice, it is indecisiveness.
Choices are not always easy. Making a choice is making a sacrifice. But you have also the opportunity to gain something. If you don´t make a choice you end up with nothing.