Critical Elements of Strategy Part 1

In today's dynamic and rapidly changing world, organizations need a dynamic business strategy that anticipates change in the marketplace .  Although some industries are more stable than others, the organizations that flourish in the long run are those who engage in continual strategic renewal.

ELEMENTS OF STRATEGY

• Strategy is a synonym for conscious choices.
• It addresses the interface between the organization and its environment
• It lays the foundation for tomorrow success while competing to win today.
• It involves anticipating, adapting, and creating change.
• It is the most important and difficult challenge facing businesses today.
• It requires trade-offs (can't be all things to all people)
• It includes differentiating oneself from competitors.
• It necessitates risk taking.
• It is the task of the whole organization.
• It must be operationalized into plans and actions.

TWO ORIENTATIONS

Preserving:

• Reacting to changes in environment
• Protecting stable domain
• Looking to the past
• Doing things the same
• Playing catch up
• Feeling anxious

Renewing:

• Anticipating changes in environment
• Seeking new opportunities
• Looking to the future
• Innovating
• Being in front
• Feeling hopeful