❹ Strategic Priorities and Actions

On the basis of the input obtained from the previous steps, it possible to identify/formulate the enterprise's strategic priorities for each relevant business. The analysis should include both existing and potential businesses. These objectives essentially give shape to the firm's business strategy. At this point, new products and/or new markets should be strongly considered.

An additional approach is to seek completely new ways of satisfying the customer. Table 4 should show the priorities and actions to be taken for each critical competitive factor in each current business relevant to the firm and each potential new business.
 

TABLE 4. Strategic Priorities and Actions

 

 

Strategic priorities and actions

Current relevant product lines and markets

 

New product lines and markets

 

 

 
 

It is obvious that the above priorities and actions can turn out to be unfeasible. Revisions may be necessary, as certain market strategy may be unsuitable or too costly. When a suitable strategy has been defined, the critical competitive factors and the associated actions become the reference point for any functional strategy of the enterprise, including the technology strategy.

 

 

 
 

Technology Strategy Formulation :  Assessment  →  Selection  →  Portfolio