This study explores differences in marketing strategies and operational tactics that characterize surviving and failing organizations. We examine firms that have existed for at least ten years, so that start-up issues are not confounding the results. A sample of 221 matched pairs of firms are observed over a 10 year period. A number of factors are examined to determine how surviving and failing firms differ, including (i) the firm's ability to adapt to the environment; (ii) the manner in which strategic choices are implemented; and (iii) the firm's operational effectiveness. Differences in strategy are noted even 10 years prior to an organization's demise. Firms that survived diversified into related product-markets, and commanded a higher market presence in their chosen industries than did failing firms. Failing firms likewise diversified, even though market penetration in each of their chosen industries was significantly lower than their surviving counterparts’. Their costs of operation were much higher, and their reinvestment in fixed asset bases was considerably lower than their surviving counterparts. Also of note are behaviours that are expected to differ in surviving and failing firms, yet do not.