This paper compares competitive strategy-performance relationships in Mexico, Peru, and the USA. 334 managers in the USA, 398 in Mexico, and 314 in Peru completed surveys. An innovative strategy orientation was positively associated with performance satisfaction in all 3 nations. The link between low cost strategy orientation and performance was negative in Mexico and positive in the USA. Mexican firms were the most innovative and Peruvian the most cost-oriented. Top managers in Mexico considered their firms’ strategies less innovative and more cost-oriented than did middle and lower level managers. Top managers in Peru considered their firms’ strategies more cost-oriented than did middle and lower level managers. The U.S. sample showed no significant strategy differences across management levels.

Competitive strategy scholars seek to answer three important questions: (a) what constitutes an effective strategy and how is it crafted, (b) how are strategies implemented in an organization, and (c) how can a strategy’s effectiveness be evaluated? Three corresponding themes, namely, strategy formulation, execution or implementation, and evaluation or control, permeate the competitive strategy literature. In this paper, nine issues of scholarly and practical relevance in the competitive strategy domain are reviewed and assessed. Collectively, the nine issues reflect the significant progress made in competitive strategy research in recent years and opportunities for further development in the field. Directions for future research are discussed.