Final answer:
A strategic narrative is a compelling story that guides an organization's decision-making and differentiates it from competitors. It helps communicate the organization's vision and engage stakeholders. Examples include Apple and Nike.
Step-by-step explanation:
In the context of strategic planning, a strategic narrative refers to a compelling and coherent story that articulates an organization's purpose, values, and aspirations. It serves as a guiding framework to align various stakeholders and drive decision-making towards achieving the organization's goals. The strategic narrative is considered the last differentiator because it helps differentiate an organization from its competitors and creates a unique identity and value proposition in the market.
By crafting a strategic narrative, organizations can effectively communicate their vision, mission, and strategic priorities to internal and external stakeholders. It enables them to engage and inspire employees, customers, investors, and other key audiences with a compelling story that resonates with their interests and aspirations.
For example, companies like Apple and Nike have successfully used their strategic narratives to differentiate themselves in the market, create strong brand loyalty, and attract customers who align with their values and purpose.