Wednesday, June 7, 2017

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.

  • 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.

  • Reacting to changes in environment
  • Protecting stable domain
  • Looking to the past
  • Doing things the same
  • Playing catch up
  • Feeling anxious
  • Anticipating changes in environment
  • Seeking new opportunities
  • Looking to the future
  • Innovating
  • Being in front
  • Feeling hopeful

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