With current global competition, changing markets and new technologies, new ways of creating value are being opened. Strategy is no longer a matter of positioning a fixed set of activities along a value chain. This text shows how the focus of strategic analysis should not be the company or the industry, but the value-creating system itself, within which different economic factors, suppliers, business partners and customers work together to co-produce value. The task facing managers is to create an ever-improving fit between competencies and customers. The authors focus on the value-creating system and challenge current business strategy models, reconciling contradictory management trends.