- April 6, 2010
- Posted by: admin
- Category: Quality Productivity
OVERVIEW & OBJECTIVE
In the complex world of business, strategy is one of those words that sometimes gets overused and misused. Indeed, all solution to almost everything was saying, ‘We need a strategy for that, now!’
Of course, in some cases this statement was perfectly correct – strategic planning was the cure – for larger, longer-term challenges impacting the organization as a whole. This being said, not all problems required a super-sized, strategic solution. We did not, for example, need a strategy to reduce expenditure on stationery, irrespective of the number of times it was suggested!
Strategy is about just one thing – choice and, more specifically, about making the right choice, based upon 3 core decisions:
1. Where to compete (i.e. market selection).
2. How to compete (e.g. cost leadership).
3. What to compete with (i.e. product/service selection).
To formulate a cohesive strategy, considering 3 distinct perspectives:
a) A thorough understanding of the current position – Where are we now?
b) A clear vision of the desired future – Where do we need to go?
c) A ‘roadmap’ of actions available to bridge gaps between (a) & (b) –How do we get there?
This helicopter view of strategic planning remains useful but, to maximize its impact in the real world, we need to add some context. Simply put, before we consider how to formulate and execute strategy, and examine the strategic planning process itself, we must first understand the difference between strategy and tactics. After all, just repeating the word strategy – like a broken record – doesn’t necessarily make something strategic!
- The principles of Strategic Planning – Strategy vs Tactics
- Are you Efficient or Effective
- Customer, Competitor or Corporate Focus
- 3 Steps to Strategic Heaven!
- Creating Competitive Advantage.
- Four common approaches to developing strategy.
- Where Are We Now
- Strategists Toolkit for Internal Analysis.
- The strategic toolkit for external analysis.
- 6 steps to create and execute corporate strategy.
- Joined up thinking – Connecting the dots.
- Growing Pains and the Management of Growth
|Ir., Desmon Ginting M.Tech.
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