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Strategy Formulation Selecting and Implementing the Best Suited Strategy |
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By Vadim Kotelnikov, Founder, Ten3 BUSINESS e-COACH – Innovation Unlimited, 1000ventures.com
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"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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Special Tools for Strategy Formulation
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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. Requirements and Tools The strategy you formulate should reflect environmental analysis, lead to fulfillment of your organizational mission, and result in reaching organizational objectives.
SWOT Analysis: Questions To Answer
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 Build Your Sustainable Competitive Advantage
Sustainable competitive advantage is
Focus on your core competencies and outsource the rest. Make sure that you don't outsource your competitive advantage, however. You will never lead in innovation or be faster to market than your competition if you depend on other for your core technology... More Inspirational Business Plans: 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 3 Strategies of Market Leaders 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
Case in Point
Silicon
Valley Firms: Stretching Innovation Portfolio
Adapted from
Relentless
Growth, Christopher Meyer
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
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. 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 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 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. 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
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