It is the kind of discussion I really dislike. What is more important? Strategy? Or Execution? Some people argue that it is the strategy that is important because without strategy you risk doing the wrong thing. Other people say, that execution matters because even imperfectly chosen goals properly realised are better than no goals realised at all.
The truth is that no strategy can be formed without execution. Imagine a simple situation - you have two possible points of attack, two potential projects A & B, but you can fund only one. Both projects are expected to bring a similar amount of money. Which will you fund?
The answer is tricky - you cannot say unless you know costs and associated risks, and you will not know the cost unless you know how to execute those projects.