How Common Are Economic Master Plan Formulations In This Day And Age?

Carefully analyze what opportunity exists in the future and how it might evolve over time. Gather more data and facts associated with it before finalizing any decisions. Clearly diagnose the risks and challenges anticipated in pursuing this opportunity and come up with the mitigation plan to address them.
Like weeds crowding out the grass, bad strategy crowds out good strategy. Leaders using bad strategies have not just chosen the wrong goals or made implementation errors. Rather, they have mistaken views about what strategy is and how it works.
Most successful companies are those that are crystal clear about their values. The most successful men and women in the world seem to be those whose values are clear to them. They refuse to compromise them for any short-term gain or advantage.
The concept of positioning relates to how a product is perceived by customers relative to its competitors. It originated in the advertising industry as a way of identifying those attributes of a product that should be placed in the buyer’s consciousness. For example, a product may be positioned as inexpensive, innovative, old fashioned, prestigious, high quality or any of a multitude of other attributes. Positioning influences attitudes to and perceptions of a product or company brand, rather than changing the product itself. The value of positioning decisions is that they increase awareness of a company’s or product’s capabilities.

Sharing Financial Information With Employees

What capabilities do your enterprise-level leaders require to be effective at aligning your company to ensure it is fit for its purpose? Leaders I’ve worked with who take on the challenge of strategic alignment describe themselves as needing to be “multi-everything” in outlook and ability.
Small businesses need to understand their revenue and profit models so that they’ll know if their model is sustainable or will fizzle out well before it takes off. Similarly, your pricing has to be in line with what the market will bear so that it will provide you with a profit. How well does your model work? Really?
Clear target markets give a company the ability to create an integrated sales and marketing approach, where marketing enables sales productivity. Sales and marketing plans are executed more effectively when targets are tight.
The job of a CEO is overwhelming—so overwhelming, that many CEOs don’t realize that they’ve lost touch with their families, lost friends, and haven’t done anything but work for years. Don’t try to run a company without support. If your family thinks the business is a bad idea altogether, try to get some counseling and talk it through. It’s perfectly understandable that a spouse might be concerned that a business will cost money initially, be risky, and, more importantly, take you away from the family. This isn’t an insignificant concern. Continually work on compromises.

Strategy Involves Choice

Few business factors challenge owners and managers more than marketing—perhaps because the term covers so many activities and disciplines. In many companies, marketing includes sales, customer research, and new product development. This confusion leads some managers away from giving marketing the attention it deserves.
Key insights into business opportunities arise from business insights into how the trend will change value to customers and impact the company’s business model. By looking across time — from the value a market delivers today to the value it might deliver tomorrow — managers can actively shape their future and lay claim to a new opportunity.
A good business strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.
Most widely used planning processes like management by objectives and balanced scorecards overlook the contrast piece of the compare-and-contrast equation. They do a fine job of requiring leaders to spell out what the strategic objectives are, but they rarely require leaders to get clear about what they are not. As a result, most leaders score a C- in strategy comprehension.

Strategic Areas For Consideration

Oftentimes, no individual or group is functionally responsible for overseeing the arrangement of their company from end to end. Multiple different individuals and groups are responsible for different components of the value chain that makes up their company’s design, and they are often not as joined up as they should be.
There is a simple way that you can test whether your business model is appropriate for today. It is leading to continuous, consistent, and predictable growth in sales and profitability. If your business is continuing to grow in a healthy way, your business model is probably appropriate. If your business is not growing in a healthy and consistent way, it may be time to question your business model.
Because they so readily support each other and are completely dedicated and loyal to the company, employees in a united company form a “fighting force” that gives them a tremendous advantage over competitors in their markets. Along with high levels of teamwork, they are fully engaged in their work. As a result, they are more creative and innovative. They have higher morale and they get along better with each other. They have a greater esprit de corps.
Cost leadership aims to increase market share by focusing on producing at low cost. Focus looks to dominate a small market segment by exclusively focusing on serving that segment (you can always add new segments later). Finally, differentiation aims to grow market share by concentrating my making your product or service different and unique.

Phases Of Strategy Formulation And Implementation

Instinct provides a rich resource for managers. Effective analysis depends on seeing the links between various data and then interpreting the patterns. Rational techniques, such as brainstorming and reversal theory, can help, but an ability to see patterns cannot be achieved by rationality alone.
Business operates in a wide economic, political and social context, and it is often said that the only constant is an ever-increasing rate of change. Yet what is driving that change, and what are the consequences for business strategy? Interestingly, the forces shaping business derive their strength andenergy from these potent sources of social change.
Businesses sometimes fail because of managerial ego. This happens when the decision maker invests his or her ego in a course of action that is not working, in a person who obviously cannot do the job, or in a product or service that is not selling.
Competition should not occupy the center of strategic thinking. Too many companies let competition drive their strategies. This focus on the competition puts the competition, not the customer, at the core of strategy. As a result, companies’ time and attention get focused on benchmarking rivals and responding to their strategic moves, rather than on understanding how to deliver a leap in value to buyers—which is not the same thing.

Defeat The Competition

The work of discerning whether there are important changes afoot involves getting into the gritty details. To make good bets on how a wave of change will play out you must acquire enough expertise to question the experts. As changes begin to occur, the air will be full of comments about what is happening, but you must be able to dig beneath that surface and discover the fundamental forces at work.
The principle of maneuver requires that you continually anticipate what might happen. You develop fallback positions. You prepare to be able to move forward, backward, and sideways in the market, if necessary. You resolve never to get locked into a single plan with no flexibility or no other choice. You continually keep your options open and develop new options.
The actions within the business strategy should be coherent. That is, the resource deployments, policies, and maneuvers that are undertaken should be consistent and coordinated. The coordination of action provides the most basic source of leverage or advantage available in strategy.
Visualizing strategy can help managers responsible for corporate strategy predict and plan the company’s future growth and profit. This can provide a useful way of talking about the growth potential of current and future businesses.

Moving To Action

Businesses with a product or service for which customers might choose an alternative face a competitive threat, especially if the alternative is cheaper. For example, an airline may face competition from a high speed rail operator. What matters is recognising that some organisations need only to redefine their business in slightly broader terms for it to become a competitor.
When a company’s value curve is shown to deliver high levels across all factors, the question is, Does the company’s market share and profitability reflect these investments? If not, the strategy signals that the company may be oversupplying its customers, offering too much of those elements that add incremental value to buyers.
The structured market analysis process is a core element of the overall approach to strategic review and business planning coverage of this book. The ‘corporate mindset’ often defines this process as an annual or periodic exercise. However markets are dynamic not static with the pace of change increasing in many sectors.
At the heart of the blue ocean strategy is “value innovation,” which is described as the “simultaneous pursuit of differentiation and low cost.” Differentiation is what customers want; value, in the customer’s eyes, is the “utility” of the product minus its price. Low cost is what companies want; value for companies is the price minus the cost to make the product.

Strengthening Isolating Mechanisms

Because revenue is determined by customer behavior, it’s much harder and messier to predict than costs, which are largely under the company’s control. If you model them the same way, you’ll end up with grossly inaccurate revenue projections.
In many large organizations, the business challenge is often diagnosed as internal. That is, the organization’s competitive problems may be much lighter than the obstacles imposed by its own outdated routines, bureaucracy, pools of entrenched interests, lack of cooperation across units, and plain-old bad management. Thus, the guiding policy lies in the realm of reorganization and renewal. And the set of coherent actions are changes in people, power, and procedures.
If executive leaders do not have a strong sense of how their industry must evolve to meet the challenges of new technology, market forces, regulation, and the like, then someone else will be in a position to dictate the terms of your future.
Never let up. Your strategy may be well on its way and then could be derailed because you are not paying close attention. Are people achieving their strategic goals? Are the strategic projects accomplished in a timely manner, and are they yielding the expected results?

Go For The Biggest Catchment

A word that can mean anything has lost its bite. To give content to a concept one has to draw lines, marking off what it denotes and what it does not. To begin the journey toward clarity, it is helpful to recognize that the words “strategy” and “strategic” are often sloppily used to mark decisions made by the highest-level officials.
Great CEOs are great leaders. They know themselves and what they stand for. They have been called on all their lives as problem solvers because others know them to be fair and impartial. People respect their opinions and look to them for guidance.
As industry history shows, new market spaces are being created every day and are fluid with imagination. Buyers prove that as they trade across alternative industries, refusing to see or be constrained by the cognitive boundaries industries impose upon themselves. And firms prove that as they invent and reinvent industries, collapsing, altering, and going beyond existing market boundaries to create all new demand.
Strategy is part art and part science; a heuristic, not an algorithm. As with most heuristics, you can learn the categories to think about: Pay attention to customers, to competitors, to capabilities, to elements of industry evolution. But there isn’t a learnable formula about how to put them together in any given choice context.

What Your Inventory Tells You

The capabilities system of your company — the capabilities you already have and those which you know you can build, buy, or borrow (through joint ventures) — should help determine your value proposition. Your value proposition is a promise. You’ll need a distinctive capabilities system to keep it. You should only adopt a value proposition that you’ll be able to deliver.
A good mission statement gets people to act in agreement with the company’s broader goals. It reminds them how to behave every day, regardless of what temporary forces work against them, so that they can help realize the company’s vision.
Ask really successful people and you’ll find that most have gone to the edge of personal crisis. It’s what they learned about themselves during those critical times that made it all worthwhile. Have you been tested in the past? Do you know you will be able to make it because you’ve risen to the challenge before?
The first natural advantage of good strategy arises because other organizations often don’t have one. And because they don’t expect you to have one, either. A good strategy has coherence, coordinating actions, policies, and resources so as to accomplish an important end. Many organizations, most of the time, don’t have this. Instead, they have multiple goals and initiatives that symbolize progress, but no coherent approach to accomplishing that progress other than “spend more and try harder.”

Comments

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