managing strategy course
TRANSCRIPT
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Managing Strategy Course
Body of knowledge
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IntroductionCourse Importance
Though change creates novel combinations of circumstances requiring
unstructured non-repetitive responses, strategic planning is critical to
creating sustainable competitive advantage in media.
By providing a guidepost for a company's ongoing evolution, strategy
provides the necessary information and direction for managers to definetheir workand help their organization remain competitive.
Strategy not operational effectivenessdistinguishes winners from losers. Strategy
hasnt changed, but change has. In todays corporate landscape, change occurs morequickly, so companies have to behave schizophrenically. On one hand, they have to
maintain continuity of strategy and on the other they have to remain focused on
continuous improvement, too.
John P. Owens
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IntroductionCourse Goals
After this course, students will be able to:
Perform situation analysis: company description, market research,competition analysis
Decide and orient strategic position of their companies
Make strategic choices for their company Understand the competitive environment in media industry
Understand how organizations shape constraints and opportunities for
strategy
Develop SWOT analysis Develop an explicit strategic plan, according to the companys vision
and mission, etc
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What is Strategy?
A long term plan of action designed to achieve aparticular goal
The essence of strategy is choosing what NOT todo.
Michael Porter
To do NOT to do
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Flawed Concepts of Strategy
Strategy as aspiration Our strategy is to be #1 or #2
Our strategy is to be the leading newspaper
Strategy as action
Our strategy is to merge Our strategy is to internationalize
Our strategy is to consolidate the industry
Strategy asvision
Strategy as learning
Our strategy is to learn and change
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Competitive Strategy
The worst ERRORin Strategy is to compete with rivals on the SAME
DIMENSIONS
Competitive Strategy aims to establish a profitable and sustainable
position against the forces that determine industry competition
Optimizing competition Strategic competition
Competition
to be
THE BEST
Competition
to be
UNIQUE
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Course Structure
Managing Strategy
II. Situation Analysis III. Value ChainI. Set and Revisit Companys
Aspirations
V. Strategic PositioningIV. Sustaining Competitive
Advantage
VI. Building a Strategy
VII. Implementing Strategy VIII. Growing Strategically IX. Conclusions
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Set and Revisit Companys
Aspirations
Chapter I
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Companys Aspirations
Companys Aspirations
Mission
statement about thecompanys reason for
existence
Vision
statement aboutwhat the companywants to become
1. Fundamental aim
2. Core strength
3. Focus
4. Envisioned future
Strategic
Objectives
measure how it isperforming in key
result areas
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Business Mission & Vision
MISSION VISIONProvides context for
major decisions within
the organization
Describes an enduring
reality
Is capable of infinite
fulfillment (not subject
to a time frame)
Useful for both internal
and external audiences
Guides development of
strategy and organization
Describes an inspiring
new reality
Is achievable within a
specific time period
Primarily useful
internally (also can beused externally)
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Strategic Objectives
Allow a company to measure how it is performing in key
result areasthose areas where the company must achievesuperior results to achieve its long-term strategy
Management must decide how it will measure success
in the key result areas and then set objectives for those
measures
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Measuring Performance
Key ResultArea
Measures Objectives
Cost Cost per unit By end of Year 1, cost per unit will be $0.4 By end of Year 2, cost per unit will be $0.3
Units peremployee peryear
By end of Year 1, units per employee per
year will be 10 million By end of Year 2, units per employee peryear will be 13 million
HR Work time lossper year (hours)
By end of Year 1, work time loss per yearwill be 25 hours
By end of Year 2, work time loss per year
will be 10 hours
Compensations By end of Year 1, compensations will
increase by 10% By end of Year 2, compensations will
increase by 15%
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SMART Objectives
SMART Objective Not-So-SMART Objective
Add 20 new sales agents in the nextthree years who are capable ofselling advertising in the 4 new
launched magazinesYear 1 add 2new people, Year 2 add 9 newpeople, Year 3 add 9 new people.
Add new sales agents who arecapable of selling advertising in the4 new launched magazines (not
specific, measurable, or timebound).
Raise sales 10% annually over thenext three years.
Improve sales over the next year(not specific or measurable).
Reduce average duration ofcustomer service phone calls by30% over the next two years.
Reduce average duration ofcustomer service phone calls by50% over the next year (not likelyachievable or realistic).
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Why Set Aspiration?
Aspirations force forward and discontinuousthinking
Innovative thinking
Growth-oriented thinking
Aspirations establish boundary conditions for strategy
decisions
Aspirations help drive high performance
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Aspiration must engage the entire
organization
Set
aspirations
Draw
implications
Build
momentum
Frontline
Change
agents
Top
management
HeadHeart
Hand
ORGANIZATION
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Step 1: Picture the future
and define aspirations
Step 3: Develop business
plan to create the futureand attain milestones
Step 2: Roll back the futureand define intermediate
milestones
Today
Aspiration Based Planning
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Are we on track toward interim
targets?
What new initiatives must we
take to achieve targets?
What new barriers to
achieving our aspirations
exist?
What new levels of performance
must we achieve?
What new capabilities must webuild?
How has our understanding of
the future changed?
What do changes suggest for
our performance vis--visour
stakeholders?
Revisit the Aspirations
Learning in
the present
Next
Year
3
years
5
years
10
years
20+
years
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Setting the Right Goals
Superior long-term return on investment
Superiority in Return on Invested Capital must be
achieved and sustained
Profitability must be measured realistically, capturing
the actual profits on the full investment
Unrealistic profitability or growth targets can led to
failed strategies
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Situation Analysis
Chapter II
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Purpose of Situation Analysis
Creates a shared understanding of the company andthe environment in which it operates, including:
1. Industry structure
2. Basic facts about competitors
3. Basic facts about customers
4. Assess Companys core capabilities
5. Forces shaping the industry
FOUNDATION for STRATEGY DEVELOPMENT
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1. Industry structure
The fundamental unit of strategic analysis is the industry
Industry Structure Relative Position
Within the Industry
STRATEGY
Company economic
performance
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Industry StructurePorters five forces
BARGAININGPOWER OF
SUPPLIERS
BARGAININGPOWER OF
CUSTOMERS
THREAT OF
SUBSTITUTES
THREAT OF
NEW ENTRANTS
RIVALRY AMONGEXISTING
COMPETITORS
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Industry StructurePorters Six Forces
BARGAININGPOWER OF
SUPPLIERS
BARGAININGPOWER OF
CUSTOMERS
THREAT OF
SUBSTITUTES
AVAILABILITY OF
COMPLEMENTS
RIVALRY AMONG
EXISTING
COMPETITORS
THREAT OFNEW ENTRANTS
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Rivalry Determinants
Industry growth
Fixed costs/value added Intermittent overcapacity
Product differences
Brand identity
Switching costs
Concentration and balance
Informational complexity
Diversity of competitors
Corporate stakes
Exit barriers
RIVALRY AMONG
EXISTING
COMPETITORS
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Entry Barriers
Economies of scale
Proprietary product differences
Brand identity
Switching costs
Capital requirement
Access to distribution
Absolute cost advantages
Government policy
Expected retaliation
THREAT OFNEW ENTRANTS
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Determinants of Supplier Power
Differentiation of inputs
Switching costs of suppliers and firms in the industry
Presence of substitute inputs
Supplier concentration
Importance of volume to supplier Cost relative to total purchases in the industry
Impact of inputs on cost or differentiation
Threat of forward integration relative to threat of backwardintegration by firms in the industry
BARGAINING
POWER OF
SUPPLIERS
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Determinants of Substitution Threat
Relative price performance of substitutes
Switching costs
Buyer propensity to substitute
THREAT OF
SUBSTITUTES
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Determinants of Buyer Power
Bargaining Leverage
Buyer concentration vs. firmconcentration
Buyer volume
Buyer switching costs
relative to firm switchingcosts
Buyer information
Ability to backward integrate
Substitute products
Pull-through
Price sensitivity
Price/total purchases
Product differences
Brand identity
Impact on quality/performance
Buyer profits Decision makers incentives
BARGAINING
POWER OF
CUSTOMERS
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A Sixth Force - Complements
Crucial for a successful strategy is to establish:
Who are your complementors
What is your strategy with respect to them
pay more for your
two products together
than for your productalone plus the otherfirms product alone
Your Complementor
accept less to serve
both of you together
than they would ifsupplying you aloneplus the other firmalone
With respect to clients With respect to suppliers
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2. Basic facts about Competitors
Develop the competitors profile including: Economic performance
Current market positionsuch as share
Core capabilities
Strengths and weaknesses Aspirations
Strategies going forward
Determine the relative value propositionof the clients andcompetitors products and services as perceived by thecustomer
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Basic facts about Competitors - Example
TVR 1
PRO TV
Antena 1
Acasa TV
Prima TV
Realitatea TV
Overall
shareInvestmentsAwareness
Strength ofrelation-ships
Coverage
20%
16%
14%
8%
5%
3.4%
Strong
Weak
Growth
(CAGR 2005-2003)
15%
9%
7%
6%
5%
3%
Profitability
(ROIC)
20%
13%
11%
14%
10%
8%
Strengths Weakness
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Defining Value Proposition
clear, simple statement of the perceived benefits aproduct or service will provide to its target customersand the perceived price (cost) of those benefits
WhatCustomers?
WhichNeeds?
What Relative
Price
Which products?
Which features?
Which services?
What end users?
What channels?
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3. Basic facts about Customers
A. Understand customer behavior
Focus Groups
Industry quantitative studies (e.g. SNA for Media)
B. Segment the customer Base Is important especially for your business clients (advertisers)
C. Assess attractiveness of different segments
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A. Understand Customer behavior
Personal spending on press
in the last month
(000 persons)
% of total urban
population
More than RON 50 324 3.6
20.1-50 RON 1164 12.9
10.1-20 RON 1912 21.1
6.1-10 RON 1974 21.8
2.1-6 RON 1560 17.3
0.1-2 RON 678 7.5
0 RON 1292 14.3
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B. Segment the Customer Base
Segmentatio
n approaches
Constraints
Perceptions
Needs
Behaviors
Relationship
Occasions Firmographics
ProfitabilityAttitudes
How is the customer'sorganization
characterized?
What does the customer
do in the marketplace?
Which key aspects have
defined the customer's
lifecycle?
How financially sound isthe relationship with the
customer?
How does thecustomer respond to
different situations?
Which limitations are
impacting the
customer's actions?
What does the customer
believe about the
marketplace?
What underlying beliefsare shaping the
customer's mindset?
What value does thecustomer require or want?
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Segmentation Techniques (1)Approach
Firmographics
Behaviors
Relationship
Profitability
As a first cut to understand
relative penetration across businesscategories
During sales process
As a first-level segmentation inbusiness-to-business markets
As a quick proxy to test range of
customer needs
As a test of marketing effectivenessTo identify likely cross-selling targets
As a broad tool for classifyingopportunities with customers
To anticipate needs across life-cycleTo pinpoint retention problems
across tenure groups
As a key tool to target a moreprofitable mix of customers
To upgrade the profitability ofcustomer accounts
To quantify the impact of marketingprograms over time
When to use Key insights
Data easy to obtain Companies with similar firmographics
can have very different needs andrelationship profitability
One of the best methods forsegmentation in business-to-business
Do not place too much emphasis oninternal client behavioral information
Accurate data can be hard to find
Key drivers of customer profitabilityare loyalty and retention
Account relationship segmentation canyield quick insights that can boost salesforce productivity
Back-of-the-envelope profitability canbe wrong or misleading
Building solid customer economicstakes time
Data can be hard to find
Data source
Third party databases Industry trade assoc. Customer information
files
Customer informationfiles
Custom market research
Customer informationfiles
Custom market research
Customer informationfiles
Custom market research
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Segmentation Techniques (2)Approach
Needs
Attitudes
Perceptions
Constraints
Occasions
As a primary input into the
development of the value required orwanted
As a supplement to needs-based
segmentation
As a means to uncover latent needs that
the customer cannot articulate
To identify customers who are atdifferent satisfaction levels
To generate key insights into brand
strategy
In combination with behavioral and
needs-based segmentation approaches
to fully understand factors which may
be limiting a customers market actions
When customers are likely to behave
differently in different situations
When the marketer is interested in
creating multi-mode marketing
programs
Key insights
Must consider needs of multiple decision-
makers and influencers
Most useful when high emotional
components are present (consulting)
A customers perception is their reality Can provide useful insights into market
opportunities, but should not provide the
basis of segmentation
Some constraints are more evident than
othersdefining constraints is a powerful
tool for business expansion
Popular in consumer marketing
Can surface insights for productdevelopment/marketing communications
Custom market research
Custom market research
Custom market research
Custom market research
Team brainstorming
Account rep interviews
Historical account data
Custom market research
Data sourceWhen to use
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C. Assess attractiveness of different segments
Relative price points
ROICs per segment
Cost to serve
Size of addressable customer base
Volume usage
Price
Customer demographics
Unit volume growthPrice trends
Segmentattractiveness
How large are thesegments?
What are the
growthexpectations?
How profitableare the segments?
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4. Assess Companys Core Capabilities
Operational skills
Privileged assets
Growth-enabling
skills
Special
relationships
CORE
CAPABILITIES
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Operational Skills
STEP 1Generate an initial list of specific skills and
knowledge needed to drive the business system
STEP 2
Validate each item against three measures:
Drives value
Superiority
Sustainability
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Privileged Assets - Examples
Example
Distribution network
Brands and
reputations
Customer information
Conferred advantage
Increase sales of existing productsand services
Reduce the cost of new productlaunches
Extend brand to launch productswithout threatening credibility ofcurrent business
Maximize sales
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Growth-enabling Skills
Example
Acquisition and post-
merger management
Financing and riskmanagement
Capital management
People
development
Conferred advantage
Save costsAccelerate growth
Advance along promising growth pathsthat are too costly or risky for competitorsto follow
Enables managers to make a commercial
success of projects that other companiesmight reject because of poor returns
Consistently develop managers who buildnew businesses
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Special Relationships
Right to bid
Access
Right to match
Right to win
Efficiency Influence/ power
Source of privilege
Degreeofprivilege
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5. Forces Shaping the Industry
INDUSTRY
REGULATION
d
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Demand
Demand
Latent demand
Existing demand
Future demand
TimeToday
l i
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Regulation
be aware of your industry governmental regulation
State commissions set rates, approve investments, and
affect number and size of competitors
Government licenses delivery channel and regulates
content
T h l
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Technology
technological change implies
INNOVATIONCosts
Total costs
Variable costs
Total costs
Variable costs
Time
New technology
Old technology
Abandonment
of old
technology
Likely time of
introduction
Blitzkrieg
with new
technology
Earliest time
of
introduction
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Value Chain
Chapter III
V l Ch i
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Value Chain
Role: disaggregates a firm into its strategically relevant
activities in order to identify and understand sources of
competitive advantages
The value chain is unique to each business
Competing in a business involves performing a set of discreteactivities, in
whichcompetitive advantage resides
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Identifying the Value Chain
Value
What buyers
are willing to
paySupport
Activities
Primary Activities
V l Ch i P i A i i i
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Value Chain Primary Activities
1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing and sales
5.After-Sales Service
V l Ch i S A i i i
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Value Chain Support Activities
1. Procurement
2.Technology Development
3. Human Resource Management
4. Firm Infrastructure
Li k i hi h V l Ch i
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Linkages within the Value Chain
Linkages are relationships between the way one value activity is
performed and the cost or performance on another
Why do linkages occur?
The same function can be performed in different ways
The cost or performance of direct activities is improved by greater efforts inindirect activitiesActivities performed inside a firm reduce the need to demonstrate, explain or
service a product in the field
Quality assurance functions can be performed in different ways.
Important: Linkages exist not only within firms value chain but between
firms chain and the chains of firms suppliers, customers, competitors, etc
Configuring Internal Activities for Advantage
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Configuring Internal Activities for Advantage
Example - Dell
V l Ch i & Li k
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Value Chain & Linkages
V l Ch i A li ti
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Value Chain - Application
Configure your own company Internal Activities for
Advantage and identify linkages among value
activities!
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Sustaining Competitive Advantage
Chapter IV
C p titi Ad t
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Competitive Advantage
Generating a new source of competitive advantage is the ultimate
act of creativity in business
Creating advantage is an art, not a science
But not a black art
As in all arts, the process matters a great deal
Respond to and act on the outside world
Build in internal consistency from the start
Personal traits and habits also matter
Balance between creativity and analysis
Courage to do something different
S r f C mp titi Ad nt
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Sources of Competitive Advantage
Structural
Advantage
Frontline
Execution
Insight /
Foresight
Cost
AdvantageDifferentiationPorters Sources of
Competitive Advantage
Str ct ral Ad antage
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Structural Advantage
Output increases and average costs fall
Company size increases and risk is diversified
Transaction costs and risks are very high
Frequency of transactions is recurrent and asset
specificity is high
Limited access to:
Privileged locations
Intellectual property
Regulatory rights
Distribution networks
Brands and reputations
Customer information
Economies of
scale
Vertical Market
Failure
Privileged Assets
Frontline Execution
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Frontline ExecutionProduct/service
Characteristics
RangeComplexityLife cycle
Process
Requirements
Product/servicedevelopmentLogisticsSales/marketingrequirements
Environmental
Requirements
SeasonalityService expectationsMarket share stability
Complex order management and scheduling systems
Skilled management of inbound flows
Flexible operations and supply chain/service factory design Unique skills and expertise requirements for service
operations
Skilled project management
Flexible capacity utilization
Customer satisfaction measurement and feedback
mechanisms
Sales force coverage, talent and training requirements
Information systems to assess profitability of segment
customers
Build-in-advance requirements
Delivery and inventory requirements
Distribution configuration
Capacity planning and utilization
Insight/Foresight
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Insight/Foresight
High degree of
uncertainty
Large value placed on
innovation
Difficult/impossible to
develop or sustain
structural or
executional advantage
Allows business units to identify ways to eliminate,
reduce or manage the uncertainty company faces, e.g.,
high tech, telecommunications, electric utilities
Helps companies understand the real drivers of value for
customers, which allows them to identify and launch
successful new products and services, e.g., software, new
technologies, fashion
helps to understand relationships among different
variables and draw out key implications, e.g., industries
which make complex marketing and pricing decisions
In todays faster-moving environments, these elements
are less and less to be relied on
Significant advantage
to see new
relationships among
sets of variables
Cost Advantage Analysis (1)
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Cost Advantage Analysis (1)
1. Identify the appropriate value chain and assign costs and assets
to it
2. Diagnose the cost drivers of each value activity and how they
interact
3. Identify competitor value chains, and determine the relative cost
of competitors and the sources of cost differences
Cost Advantage Analysis (2)
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Cost Advantage Analysis (2)
4. Develop a strategy to lower relative cost position through
controlling cost drivers or reconfiguring the value chain
5. Ensure that cost reduction efforts do not erode differentiation
6.Test the cost reduction strategy for sustainability
Gain cost advantage by:
Controlling cost drivers
Reconfiguring the value chain
Distribution of Operating Costs
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Distribution of Operating Costs
OPERATING COSTS
HR Management (2%)
Procurement (1%)
Firm Infrastructure (9%)
Technology Development (9%)
1%
Inbound
logistics
(3%)
Operations (67%) Outbound
logistics
(1%)Marketing
& Sales
(6%)
Service (1%)
Margin(5%)
Purchased operating inputs
Human Resource costs
27%
40%
Distribution Assets
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Distribution Assets
ASSETS
Firm Infrastructure
HR Management
(1%)
(16%)
(2%)
Inbound
logistics
(8%)
Operations (46%) Outbound
logistics
(20%)Marketing
& Sales
(6%)
Service (2%)
Liquid Assets
Fixed Assets
(38%)
Technology Development
(2%)
Procurement (1%)
(8%)
(6%) (15%)
(5%)
Differentiation Drivers of Uniqueness
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DifferentiationDrivers of Uniqueness
Policy choices
Linkages within value chain, with suppliers, customers,
competitors, etc
Timing
Location
Interrelationships
Learning
Integration
Scale Institutional Factors
Routes of Differentiation
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Routes of Differentiation
Proliferate the sources of differentiation in the value chain
Make actual product use consistent intended use (understand
buyers needs and modify product accordingly)
Employ signals of value to reinforce differentiation on use criteria
(advertising) Exploit all sources of differentiation that are not costly
Reduce cost in activities that do not affect buyer value
Shift the decision maker to make a firms uniqueness morevaluable, etc
Steps in Differentiation (1)
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Steps in Differentiation (1)
1. Determine who the real buyer is
2. Identify the buyers value chain and firms impact on it
3. Determine ranked buyer purchasing criteria
Steps in Differentiation (2)
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Steps in Differentiation (2)
4. Assess the existing and potential sources of uniqueness in a
firms value chain
5. Identify cost of existing and potential sources of
differentiation
6. Choose the configuration of activities that creates the most
valuable differentiation for the buyer relative to cost of
differentiation
7. Test the differentiation strategy for sustainability
Ranked Buyer Purchase Criteria - Example
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Ranked Buyer Purchase Criteria - Example
Content
Format
Layout
Price
SubscriptionFrequency
Advertising
Distribution
Market position
Display in stores
Availability
Speed of
distribution
Online version
Promotionalsupport
Reliability
Audience
Sales per issue
Online
community
Signaling CriteriaUse Criteria
End User
Channels
Activities that Influence Buyer purchase
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criteria
USERC
RITERIA
SIGNALING
CRITER
IA
Conformance to
specifications
Delivery
time
Features
Sales force
quality
Sales aids
Attractiveness
of facilities
x
x
x
x
x
x
x x
x
x
x x
x
x x
x
x
x
x
Sustaining Competitive Advantage
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Sustaining Competitive Advantage
1. Micro level: Analyzing and anticipating individual players,
especially competitors
2. Macro level: Understanding and responding to generic threats to
advantage
3. Overarching: Designing strategy for robustness and organization
for ability to learn and to make tradeoffs
Slack
Imitation
Holdup
Substitution
Hints to Sustaining Competitive Advantage
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Hints to Sustaining Competitive Advantage
Attacked competitors indirectly, placed them on the horns of a
dilemma Vision the future and the industry shape
Fly below the radar screen until will be too late for
competitors
Made clear tradeoffs (it will make your strategy sustainableagainst imitation)
Be always a second faster than your competition
Be unique
Learn from your and competitors success and failure
Key tests to Effective Competitive Strategies
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Key tests to Effective Competitive Strategies
1. External consistency: Does the strategy tap the opportunities
and neutralize the threats posed by the outside world in a uniquemanner? Driven by outside opportunities and threats
Systemic change possible
Explicit recognition of what company is not doing
2. Internal consistency: Do the parts of the strategy fit togetherto form a whole that is greater than the sum of the parts?
3. Dynamic consistency: Does the strategy call on the companyto do today what is necessary to succeed tomorrow? Responsive to discontinuous changes in outside world
Example Internal Consistency at Dell
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Example Internal Consistency at Dell
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Strategic Positioning
Chapter V
What is Strategic Posture?
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What is Strategic Posture?
Strategic Posture is a choice a company makesabout how the company will interact with its industry
environment
Choices for Strategic Postures
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Choices for Strategic PosturesShape the future
Reserve the
right to play
?
Adapt the fastest
Exit
Play a leadership role inestablishing how the industry
operates
Win through speed, agility, andflexibility in recognizing andcapturing opportunities
Decide not to participate inthe business going forward
Invest sufficiently to stay inthe game, but avoidpremature commitments
Examples
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Examples
Shaping Strategy Intel, Microsoft, Nike, Oracle, McDonalds
Adapter Strategy
Conair, Compaq, Hutchinson Technology, BritishAirways
Reserve the right to play Flexor (Chemicals)
Exit strategy Monsanto (Chemicals)
Why Choose a Strategic Posture?
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Why Choose a Strategic Posture?
Captures unrealized strategic headroom Explicit consideration of all possibilities, not only adapter strategies
Encouragement for outside-the-box thinking
Enables consistency of strategy conduct Setting the stage for selecting specific strategy building blocks
Making it simple to move decisively and consistently
Strengthens organizational commitment to action Making aspirations actionable
Alignment of individual mindsets throughout company
How to Choose a Strategic Posture?
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How to Choose a Strategic Posture?
Expandthe Solution
Space
UncertaintyAnalyze Feasibility
and Fit with
Aspirations
The chosen posture should
fit both internal capabilitiesand a companys overall
aspirations
Identify opportunities/
levers for change both inthe industry structure andbusiness system. Considerall the possibilities
It is critical to evaluate the
impact of uncertainty onthe choice of posture
Strategic Position on the market has to be in accordance with
business scope and value proposition!
Expand the Solution Space
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Expand the Solution Space
Change the
industry
structure
Change industry structure through:
combination of previously distinct pieces of the valuechainseparation of previously linked pieces of the value chainbreakup of a portfolio of related businessesMolding industry evolution to create value for web and
for themselves
Un-bundle the business into 3 distinct businesses:
Customer relationship management
Product/service innovationInfrastructure management
Rethink the
businesssystem
UncertaintyWhen Shape?
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y W p
Shape based on insights about impact of actions in the future,sometimes increasing uncertainty
Shape based on insights about how to increase prospects of
an attractive scenario
Shape based on insights about how to influence industry infavorable direction
Shape based on insight about how to lead others who areparalyzed by uncertainty
Clear future
Alternative
futures
Range of
futures
True
ambiguity
UncertaintyWhen to Adapt?
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y p
Clear future
Alternative
futures
Range of
futures
True
ambiguity
Traditional gamemodest upside and risk; limitedreturns
Possible, but often not an optimal strategy
Key is building organizational capabilities to recognizeand capture opportunities
UncertaintyWhen to Reserve the Right
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to play?
Clear future
Alternative
futures
Range of
futures
True
ambiguity
Unlikely to make sense (because there is little to learn
about the future)
Often a good approach (because there is a lot to learnabout the future), if you can gain an edge on others or
gain better insight
Easy to decide to do, but others likely to do the same,
leaving little chance to gain advantage
Analyze Feasibility and fit with Aspirations
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y y pAdaptShape Reserve the right to play
?
Whatintern
al
capabilitiesdowe
need?
Doesposture
matchwith
aspirations?
Operational excellence
along shaping dimensions
High risk tolerance
Potentially deep pockets
Strong project/option
management skills
Broad market/competitive intelligence
Very flexible and fast
organization
High comfort withambiguity
Large risk appetite Top management
commitment to ambitiousaspirations
Preparation for posturecommitment onceuncertainty is resolved
Top managementcommitment to right to playvs. right to lose?
Achievability of stretchtargets
Top managementcommitment toadaptability
Strategic Positioning - Application
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g g pp
What STRATEGIC POSTURE is suitable foryour company?
Motivate the answer
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Building a Strategy
Chapter VI
Strategic Planning
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g g
... Is primary vehicle for achieving strategic alignment acrossan organization and ensuring the effective implementation
of a company's strategy
Strategic planning is an iterative process that takes time andrequires a series of back-and-forth communications betweensenior management and units, whereby all parties examine,discuss, and refine the plan
Strategic Planning Process
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g g
1. SituationAnalysis
2. SWOT 3. PriorityIssues
4. High-levelAction Plans
Industry structure Competitors
Customers Company Forces shaping the
industry
StrengthsWeaknesses
OpportunitiesThreats
Broad areasto focus on
Detail theobjectives, tasks, and
requirements neededto carry out astrategic initiative
5. Finalizing
Strategic Plan
2. Performing SWOT Analysis
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g y
Strengths
Weaknesses
Opportunities Threats COMPANY
Performing SWOT Analysis
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g y
1. Brainstorm a company or unit's strengths
2. Consolidate ideas
3. Clarify ideas
4. Identify the top three strengths
5. Repeat Steps 1-4 for Weaknesses, Opportunities, and
Threats
3. Determining Priority Issues
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g y
1. Review the results of the SWOT analysis and
identified Competitive Advantages
2. Identify priority issues (aiming at gaining or sustaining
Competitive Advantage)
3. Elicit discussionto ensure that each proposed
priority issue is clear
4. Vote on priority issues
4. High-level Action Plan Structure
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g
1. A description of the priority issue and why it's important
2. Objectives expressed in specific metrics and time frames
3. Key steps involved in achieving the priority issue
4. Resources required
5. Interlocking requirements involving other units
6. Anticipated cost and gain
High-level Action Plan - Resources
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g
How will the strategic initiative impact the group's ongoing day-to-day
work?
Can the existing resources cover strategic initiative action plans in
addition to business-as-usual?
If not, what additional resources will the unit need? With what expertise
and skills?
What new skills will people need to carry out a strategic initiative?
What training will be required? At what cost?
What new systems or technology will be required to support the initiative?
At what cost?
High-level Action Plan - Interlocks
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g
Most units don't work in isolation to accomplish their objectives.They need to collaborate with othersboth inside as well asoutside the company
When cross-functional teams are created, it must be developed acharter that outlines the roles, responsibilities, key milestones,deliverables, and decision-making processes of the group
High-level Action PlanCost & Gain
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g
Present a concrete value of investment
Estimate all costs involved
Present the revenue plan, as a result of this
strategic scheme
High-level Action PlanExample (1)
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1. Unit: Printing
2. Priority issue: Long-range capacity plan
Description: Build new facilities and purchase modern technology that willincrease printing capacity to produce higher unit volume at lower cost.
Strategic Importance: Our current capacity will not allow us to meetmarket demand or achieve our strategic objective of increasing market share.
3. Objectives and metrics: Develop long-range printing facilities that will:meet forecast demand from 2008-2013 and achieve dramatic
improvement in quality, cost, and customer service Year 1: Complete design phase and begin construction by year-end
Year 2: Complete construction, purchase modern technology and start-upproduction by year-end
Year 3: Achieve initial running rate of 525 million units a year at a cost of$.270 per unit
High-level Action PlanExample (2)
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4. StepsYear 1
What Who When
Establish design specifications Printing team; Engineering leads January 2008
Approve specifications Senior management February 2008
Flow-chart and system design;costing
Printing team; Engineering and Financelead
June 2008
Detailed drawings for bidpurposes; costing
Printing team; Engineering and Financelead
August 2008
Approval Senior management August 2008
Bids Purchasing and construction October 2008
Construction starts Construction team November 2008
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High-level Action PlanExample (4)
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7. Impact estimate:
Cost: Expense capital = $125 millionCapital = $125 millionEquipment = $250 million
Total investment = $500 million
Revenue:
(new printing
house)
Yr 1 Yr 3 Yr 5
Price/unit $.425 $.400 $.350
Cost/unit $.325 $.270 $.180
Units 177M 525M 700M
Revenue $75M $210M $500M
High-Level Action Plan - Review
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1. Check in informally
2. Report regularly
3. Conduct quarterly reviews
5. Strategic Plan
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NOW, PUT IT ALL TOGETHER!
The Elements of a Strategic Plan
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1. Direction statement (Mission, Vision, Business
definition, Competitive Advantages, Core competencies)
2. Strategic objectives
3. Priority issues (Achieving and Sustaining CompetitiveAdvantage)
4. Action plans (briefly describe the specific steps thecompany needs to take in order to achieve its objectives)
Porters Five Tests of a Sound Strategy
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1. Aunique value proposition compared to competitors
2. Adifferent, tailored value chain
3. Clear tradeoffs, and choosing what not to do
4. Activities that fit together and reinforce each other
5. Continuity of position with continual improvement
Continuity of Strategy
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Continuity of strategy is fundamental to sustainablecompetitive advantage
Reinvention and frequent shifts in direction are costlyand confuse the customer, the industry and theorganization
Continuity is required invalue proposition
Successful companies continuously improve in how theyrealize their strategy
Continuity of strategy allows learning and change to befaster and more effective
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Implementing Strategy
Chapter VII
Action Plans Execution - Example
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Year 1What Who When
Conduct market research to assesscustomer needs
Marketing team January 2009
Synthesize market research, create report Outside consulting March 2009
Create product concept (content, design) Marketing and ProductDevelopment teams
April 2009
Design product Product Development team May 2009
Test the product prototype on targetedmarket
Marketing teams July 2009
Action Plans Execution
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Get input from people in the Action PlanExecution!
Communication is the key of successful execution.
Evaluating Performance Criteria
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1. Quantifiable criteria of evaluation(sales, units, etc)
2. Qualitative criteria evaluation
Going the extra mile
Creativity Teamwork
Presentation skills
Planning
Knowledge and learning
Attitudes and values, etc
Rewarding Performance Criteria
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Financial reward (salaries, bonuses, stock options) Recognition
Intellectual challenge
Power and influence
Affiliation
Managing people
Positioning
Lifestyle Autonomy
Variety
Key Secret of a Successful Strategy
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Build Competitive Advantage!
Execution Challenges Categories
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Build strategic-thinking advantage
Build operations-based advantage Pursue multi-year, programmatic change
STRATEGIC INTENSITYLow High
High
Low
Nature and level of uncertaintyStrategic posture, Customer/channel, competitive and
regulatory issues
Product/servicecharacteristics
Processrequirements
Environmentalrequirements
OPERATIONAL
INTENSITY
Simple operational requirements Single, simple product/service with stable life
cycle Minimal supply chain challenges Easy service expectations
Low strategic intensity
Predictable environmentAdapting strategic posture Minimal customer acceptance and
competitive challenges
Simple operational requirements Single, simple product/service with stable life
cycle Minimal supply chain challenges Easy service expectations
High strategic intensity
Highly unpredictable environment Shaping strategic posture Significant customer acceptance and
competitive challenges
Significant operational requirements Multiple and complex product/service offering
Highly responsive, efficient and flexible supplychain Demanding service expectations
Low strategic intensity Predictable environmentAdapting strategic posture Minimal customer acceptance and competitive
challenges
Significant operational requirements Multiple and complex product/service offering
Highly responsive, efficient and flexible supplychain Demanding service expectations
High strategic intensity Highly unpredictable environment Shaping strategic posture Significant customer acceptance and competitive
challenges
Observe core implementation best practices
Build Operations-Based CompetitiveAdvantage
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AdvantageNature of
topmanagement
leadership
Frontline
execution
Implementat
ion planning
Performance
management
Shared vision of business
Commitment to successStrong team work
Commitment to successUnderstanding role in driving
successKnowledge and application of
key drivers of success
Linkage between strategy andimplementation targets/milestones
Identification of pivotal positions
Sound information systemsEmpowerment of key decision
makersConsistency of organization
controls with strategy requirements
Demanding goals settingOperational "penetration" and follow
throughAbility to de-bottleneckInvolvement at key operational leverage
points
Productivity passion
Demanding performance cultureObsessive commitment and accountability
Rapid translation into high-impact actionsteps
Very sharp role and accountability definitio
Robust and balanced score card includingsharply defined financial, customer, andoperational metrics
Performance appraisal with visible andexplicit consequences
Build Strategic-Thinking AdvantageI i h /f i h b i d
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Nature of top
management
leadership
Frontline
execution
Implementation
planning
Performance
management
Shared vision of business
Commitment to successStrong team work
Commitment to successUnderstanding role in driving success
Knowledge and application of keydrivers of success
Linkage between strategy andimplementation targets/ milestones
Identification of pivotal positions
Sound information systemsEmpowerment of key decision makersConsistency of organization controls
with strategy requirements
Insight/foresight about industryevolution and competitive dynamics
Knack for identifying new ways to
competeAbility to manage uncertaintyAppetite for shaping
Competitive intelligenceIssue analysis
Powerful problem solving
Creative provisions for adjusting toindustry and competitive environment
Environmental and competitivetracking
Strategic decision-making rules linkedto industry and competitive insights
Greater emphasis on risk management
Barriers to Strategy (1)
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Flawed Concepts
Misunderstanding of Strategy itself Poor industry definition
Industry pressures Industry conventional wisdom leads all companies to follow
common practices
Labor agreements limit ways of configuring activities
Regulation constrains price, product, service or process
alternatives Customers ask for incompatible features or request new
products or services that do not fit the strategy
Barriers to Strategy (2)
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Capital market biases
Strong pressures to emulate the currently successful peers Pressure to grow faster than the industry
Internal Practices
Inappropriate goals and performance metrics (e.g. short timehorizon)
Rapid turnover of leadership undermines the strategic directionto achieve short-term performance benefits
A desire for consensus undermines tradeoffs
Inappropriate cost allocation lead to too many products,services or customers
Outsourcing makes activities homogenous and less distinctive
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Growing Strategically
Chapter VIII
Growing Strategically
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Make strategy even more distinctive
Introduce new technologies, products and services that aretailored to strategy and which leverage other distinctiveactivities within the value chain
Deepen the strategic position (rather than broaden it) Raise the penetration of chosen customers/needs
Expand geographically to tap new regions or countriesusing the same positioning
Expand the market for what the company can uniquelydeliver
Find other customers and segments that would most value thestrategy
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Conclusions
Chapter IX
Strategy
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What IS? What IS NOT?
Aunique valueproposition vs. competitors
Adifferent, tailored value
chain
Choosing what NOT todo
Activities that fit together
and reinforce each other
Continuity of position
with continualimprovement in realizing it
Best practice improvement
Execution
Aspirations
A vision
Learning
AgilityFlexibility
Innovation
Technology
Restructuring
ConsolidationPartnering, etc
Strategy Formulation
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1. Performing a situation analysis, self-evaluation and competitor analysis: bothinternal and external; both micro-environmental and macro-environmental
2. Crafting vision statements, mission statements, overall corporate objectives,strategic business unit objectives (both financial and strategic), and tacticalobjectives
3. These objectives should, in the light of the situation analysis, suggest astrategic plan. The plan provides the details of how to achieve theseobjectives and highlights companies competitive advantage
4. Establishing companys strategic position on the market
5. Create a different, tailored value chain
6. Unique value proposition
Strategy Implementation
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Allocation of sufficient resources (financial, personnel, time,
technology support)
Establishing a chain of command or some alternative structure
Assigning responsibility of specific tasks or processes to specificindividuals or groups
Monitoring results, comparing to benchmarks and best
practices, evaluating the efficacy and efficiency of the process,controlling for variances, and making adjustments to theprocess as necessary
Strategy secrets
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It is an illusion that growth (and especially profitability)
are easier to achieve in untapped or growth segments.
It is difficult, and often dangerous, to try to grow fasterthan the underlying market for an extended period
Industry leaders should concentrate as much, or more, ongrowing the category as on growing share
In many cases the appropriate goal is to earn a high returnand pay dividends
The Role of Leaders in Strategy
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Lead theprocess of choosingthe companys unique position
Clearly distinguish strategy from operational effectiveness
Communicate the strategy relentlessly to all constituencies
Maintain discipline around the strategy, in the face of manydistractions
Decide which industry changes, technologies and customer needs torespond to, and how the response can be tailoredto the companysstrategy
Measure progress against the strategy using metrics that capture theimplications of the strategy on multiple levels
Commitment to strategy is tested every day!
Sound Strategythe shortest road to Success!
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