Strategic Management:

Enterprise Strategy

Strategy Formulation

Selecting and Implementing the Best Suited Strategy

By: Vadim Kotelnikov

Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited!

 

 

"The greatest thing in this world is not so much where we are, but in which direction we are moving." ~ Oliver Wendell Holmes

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Strategy Formulation Defined

Strategy formulation is the process of determining appropriate courses of action for achieving organizational objectives and thereby accomplishing organizational purpose.

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Requirements and Tools

The strategy you formulate should reflect environmental analysis, lead to fulfillment of your organizational vision, and result in reaching organizational objectives.

Articulate Your Vision

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... More

Smart Business Architect

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... More

Blue Ocean Strategy: 6 Principles

Blue Ocean Strategy is about revolutionary value innovation.

The six principles drive the successful formulation and execution of Blue Ocean Strategy. These principles attenuate the six risks... More

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... More

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... More

 Case in Point  Silicon Valley Firms: Stretching Innovation Portfolio

Adapted from Relentless Growth, Christopher Meyer

  1. 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... More

     

 Case in Point  Google

"We run the company by questions, not by answers," says Eric Schmidt, the CEO of Google.

"So in the strategy process we've so far formulated 30 questions that we have to answer. I'll give you an example: we have a lot of cash. What should we do with the cash? Another example of a question that we are debating right now is: we have this amazing product called AdSense for content, where we're monetizing the Web. If you're a publisher we run our ads against your content. It's phenomenal. How do we make that product produce better content, not just lots of content? An interesting question. How we do make sure that in the area of video, that high-quality video is also monetized? What are the next big breakthroughs in search?"

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... More

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... More

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... More

 

 

 

 

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References:

  1. "Modern Management", Ninth Edition, Samuel C. Certo,

  2. "Smart Corporate Leader," Vadim Kotelnikov

  3. "Smart Business Architect," Vadim Kotelnikov

  4. "Corporate Strategies," Vadim Kotelnikov

  5. "Competitive Strategies," Vadim Kotelnikov

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