The document discusses the importance of strategy for real estate and facility management (REFM). It summarizes Michael Porter's five forces model for determining corporate excellence: barriers to entry, threat of substitution, bargaining power of buyers, bargaining power of suppliers, and rivalry among competitors. Responses to these questions fall into three strategic approaches: overall cost leadership, differentiation, and focus. The document stresses that REFM must choose a clear strategic approach to avoid being "stuck in the middle" without a perceived advantage in cost, value, or focus.