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SMGT T1 (Ch1) Strategy and strategic management: an overview (FIVE common…
SMGT T1 (Ch1) Strategy and strategic management: an overview
Martin Reeves Ted talk
Metrics
Malliability
Harshness
Predictability
Approaches
Adaptive
Visionary
Classical
Shaping
Renewal (high harshness)
NB: approaches are unique to BU and time, they need to change over time and be specific for the BU
FIVE common strategic approaches (7)
Best-cost provider
Focused differentiation
Focused low-cost
Broad differentiation
Low-cost provider (broad)
Four concepts of a business model (9)
Profit formula
Cost structure
Profit margin
Revenue generation
Customer value proposition
Strategic management is about infusing all functional managers with strategic thinking skills
Sinek analysis
How
Business model
Evolving - Always a WIP
Strategy
What
Products/services
Why
Vision
Mission statement
Remain relatively constant / unchanged
Core values
Evolving strategy - WIP (9)
Deliberate strategy
Proactive / planned
Realized
strategy (current)
Emergent strategy
Reactive / responsive
Three strategy tests (12)
The Fit Test
External fit (market)
Internal fit (resources and capabilities)
Dynamic fit (evolving in alignment with first two)
The Competitive Advantage Test
The Performance Test
Competitive strength and market standing
Profitability and financial strength