One of my favorite ways to think about strategy is "rugged landscapes" (Levinthal, 1997).
The idea is that companies operate on terrains of peaks and valleys. Each location on the map represents a unique configuration of choices and capabilities. Height is performance — some configurations perform better than others. It's "rugged" because choices interact in complex ways, creating many local peaks and valleys rather than one obvious summit. And the terrain keeps shifting as competitors, technology and disruptions redraw where value lives.
Your starting position is dictated by your current customers, constraints, and advantages. From there, multiple peaks are visible, but finding the right one to pursue (how high, how far, with what tradeoffs, with what defensibility) is the hard part. That hard part is what strategy is all about.