Applied strategy
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The document discusses the essence of strategy, emphasizing the importance of uniqueness and differentiation in business. It critiques the tendency to imitate industry leaders and highlights the need for a clear unique selling proposition (USP). Furthermore, it outlines the steps for developing a successful strategy, focusing on resource allocation and activity selection to achieve specific objectives.
Applied strategy
- 1. Inspired by Prof Perry Fegan Compiled by ProfJorgeEntrep
- 2. What is strategy? What is your company strategy? Summarize in 30 words or less? Is the company strategy? Or departmental strategy? Or is the company vision or mission
- 3. What is typical answer: To be the preferred supplier; To be the company of choice.. To be the leading company… To be well known… To be the best….
- 4. How do you answer the question, “ How do you appear in the top l0 list? Most answer: Benchmark the attributes of the best in the field; Ape the best? Is this the right choice?
- 5. Aping the rest, the best is not the best choice Why? You get crowded by the best; the more you become ignoreable; You do not have the weight of the resources of the leaders; It takes a time to catch up; by the time you catch, the leaders have done new thing Surely the leaders having noted you will fight back, retaliate
- 6. Just what is strategy?
- 7. Answers: Game of the generals; Vision Mission Balanced Scorecard VMOKRAPI SPATRES Innovation Medium and long range plan?
- 8. Strategy is choice of resources and activities to reach a predetermined goal
- 9. Why do you go through strategy planning?
- 10. Answer: To be unique and differentiated. This is the only choice in a highly commoditized business world.
- 11. Relate this to: Purple Cow by Seith Godin Blue Ocean and its tools: > ERRC > Value curve
- 12. Strategy is thus linked to the Unique Selling Proposition of a Product
- 13. What are the USP of the following: McDonald; KFC Southwest Airlines Mercury Drug Sofitel South Drug Jollibee Amanpulo
- 14. KEY ELEMENTS OF USP The PTM The PTM wants and needs Key Resources Key Processes (Activities) Interlink, configuration of the Key Resources and Key Activities; Link with the PTM Bond with the PTM (Wait, isnt this Business Model Canvas by Alex Osterwalder?)
- 15. Universal Contents of Strategy Objectives: single goal, time frame Scope: geography, customers, degree of vertical integration , USP Configuration: Link of various activities and resources to attain USP Vs. backdrop of ROIC
- 16. Steps in Developing Strategy Confronting reality; how does the product stand in the market vs competitor. What is the current emphasis on the product? Determining the product USP: improved or new; 3. Defining the strategy
- 17. What does strategy involve? Strategy is what you do; there is no divide between planning and execution Great deal of time must be devoted on strategy; It is everybody’s task – not just the CEO or corporate planners; The senior and middle managers must spend a great deal of time pounding the message in the entire oranization
- 18. C’s in Strategy: It is the sweet spot in the middle of intersection of Customer, Competitor, Company In the middle of a Context (the Macro: PESTEL, STEER)
- 19. Useful references: Purple Cow by Seith Godin The Mind of the Strategist by Kenichi Ohmae Blue Ocean Strategy by Lim
- 20. Clearer understanding of Strategy Complexity of textbook and current course on strategy drowns the student on the tools and concepts; It is all about products, customers, and competition It is USP, and positioning the product; It involves understanding of the business model
- 21. Strategy is a choice of set of resources and activities to reach an objective, usually differentiation and uniqueness.