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Requirements and
Tools
The strategy you formulate should reflect
environmental analysis,
has a
milestone chart that leads to fulfillment of your organizational
vision, and result
in reaching organizational
objectives.
Special tools you can use to assist you
in formulating strategies include
critical question analysis,
SWOT analysis,
business
portfolio analysis,
Porter's
model for industry analysis, and
resource-based model. These
five strategy development tools are related but distinct. You should use the
tool or combination of tools that is most appropriate for your organization
and business environment.
Building Your
Sustainable
Competitive Advantage
Sustainable competitive advantage is the prolonged benefit of
implementing some unique value-creating strategy based on unique
combination of internal organizational
resources
and
capabilities
that cannot be replicated by competitors...
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Inspirational Business Plan:
Successful Innovation
Operational Plan: "We don’t
have a
traditional strategy process,
planning process like you’d find in
traditional technical companies. It allows Google to
innovate very, very
quickly, which I think is a real strength of the company."
–
Eric Schmidt
Market Leadership Strategies
The market leader is dominant in its industry
and has substantial market share. If you want to lead the market, you must
be the industry leader in developing new
business models and new products
or services. You must be on the
cutting edge of
new technologies and innovative
business processes. Your
customer value proposition must offer a superior solution to a
customers' problem, and your product must be well
differentiated...
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Your
Innovation Strategy
The innovation portfolio provides
visibility that allows your firm pace the introduction of new products and
services. You should balance the introduction of
revolutionary products with
incremental improvements in others so as to maintain a steady flow. By
having a comprehensive view of your initiatives over time, you can avoid
either overwhelming or underwhelming the marketplace.
Case in Point
Silicon
Valley Firms: Stretching Innovation Portfolio
Adapted from
Relentless
Growth, Christopher Meyer
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Balance between revolutionary and
evolutionary initiatives. First, Silicon Valley companies assess the
overall balance between
revolutionary and evolutionary projects. The ultimate arbitrator of
portfolio stretch if the innovation leaders’ judgment, experience,
intuition, and luck...
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Case in Point
Google
Google leaders run the company
by
questions, not by answers. In the the
strategy process they formulate key strategic questions that they have to
answer...
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Strategy
Innovation
Strategy innovation
is about challenging existing industry methods of
creating customer value in order to meet newly
emerging customer needs, add additional value, and
create new markets and new customer
groups for the sponsoring company...
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Strategies for Leading Breakthroughs
So what separates
extraordinary leaders from proponents of the status quo?
They break the rules. Except, not in an arbitrary or
capricious way.
Results-based Leadership
When you look at examples of extraordinary
leadership, like the Founding Fathers of the United States or
Jack Welch of
GE, certain practices or principles become apparent. To
start, there is a
declaration of what the future will be. There is also a
purpose, something to stand for. And finally, there is a clearly
articulated commitment...
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3Ss of Winning in Business
7 Dimensions of Strategic
Innovation
The Strategic Innovation framework weaves together seven dimensions to
produce a range of outcomes that drive growth.
A company's
Organizational Readiness may drive or
inhibit its ability to act upon and
implement new
ideas and
strategies, and to successfully manage operational, political,
cultural and financial demands that will follow...
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