Final answer:
The AFI framework outlines elements of a good strategy that include a guiding policy to address the competitive challenge, coherent implementation actions, and a thorough diagnosis of the challenge.
Step-by-step explanation:
According to the AFI framework, elements of a good strategy include 1) a guiding policy to address the competitive challenge, 3) a set of coherent actions to implement the firm's guiding policy, and 5) a diagnosis of the competitive challenge. While strong stakeholder involvement (2) and leadership with relevant experience (4) are beneficial, they are not explicitly part of the AFI framework's strategy elements.
Strategy development requires understanding of the problem at hand and crafting a clear guiding policy to address it. Coherent actions are then designed to implement this policy effectively. Additionally, the AFI framework emphasizes the necessity of a thorough diagnosis of the competitive challenges to inform the strategy process. This involves analyzing external factors as well as anticipating the actions of competitors, to ensure that strategic objectives are Achievable, Relevant, and Time-bound.