While there is abundant research on how to formulate strategies and several models and typologies of strategic positioning have been advanced, there is still scant academic research on how to execute strategies and how to conceive of this phenomenon. In addition, the relatively scarce literature on strategy execution has been produced in consultancy-like style and directed to a practitioner audience. In this paper, we develop a conceptual and operational model of the strategy execution construct and test it in a sample of 276 firms of the clinical laboratories industry. The conceptual model presented in this study (which builds from a model developed in a previous study with the help of top-level executives and academics) was refined by in-depth discussions with academics specialized in strategy and organizational studies. The model comprises causes (i.e., actions that need to be implemented in order to execute the strategy) and consequences (i.e., results that are expected to derive from such actions). The empirical assessment of the measurement model indicates that several dimensions of strategy execution are intertwined and that a more complex second-order structure may better represent the phenomenon.