JWI 540, Strategy, Week10 Summary, 9/9/12
Another great week of learning. Highlights from Week10 learning for me include the following. I see this collection of concepts, with a compilation of key questions, as a vital framework I can use to define a strategy for organizations I will lead to win in the marketplace.
(I) Win
Always keep in mind the single strategic goal: winning in the marketplace
(IIa) Define the strategy at the beginning:
Sketch out a high-level but clear picture of the task:
- How will you create value ?
- What’s our overarching goal?
- Where will we compete?
- How will we outperform our rivals - what is the unique competitive advantage of the firm?
(IIb) Develop the strategy with the planning group
- use qualitative and quantitative analyses and analyzing different points of view.
(IIc) Develop a portfolio of strategic opportunities by balancing risk and rewards.
(IId) Make strategic choices for sustainable competitive advantage: be flexible vs stay the course
Create the strategic plan: translate high level objectives to set of activities; consider strategy, people, structure, processes, metrics.
(IIe) Prioritize the most important activities and tackles the ones that matter most.
(IIf) Get the activities into the budget
(IIg) Defend the strategy and react to market changes quickly - use porter's 5 forces model; monitor competitors, new entrants, substitutes
(IIh) Consider Growth options: organic internal growth by investing in new technologies and strengthening core competencies? M&A? alliances ? partnerships?
(IIi) Learn as you go: Be discovery-oriented and explore new ideas; ensure firm's Resources and Capabilities are on top of the game
(IIj) Be agile: be open and flexible to changing the game with new data
(IIk) Be Constantly on the move: Never be a sitting duck
- update fact base constantly
- think about relative strengths to anticipate competitor move
- look outside the firm: what is changing and what is likely to change in future ?
- look inside the firm: what are the obstacles and internal challenges could undermine strategy ?
(III) Implement the Strategy but recognize that it is a dynamic and iterative process.
Actively manage strategy to achieve desired behaviors, avoid surprises and deliver results.
Pay attention to the time and way the strategy is introduced and measure the degree of success in implementing it.
(IV) Mobilize to win by getting everyone on board
(i) ask dissenters to leave early on
(ii) Use critical tools to set the pace:
- DVP: Actively Generate Dissatisfaction (the way people feel) with status quo, Communicate a compelling vision (where you want them to go), Process (how they're going to get there)
- Gap Analysis: review regularly and remove obstacles in the way of the team
- Six Sigma
(iii) use financial and non-monetary incentives for those that remain loyal
(V) Align the organization to win
- vision (broad view and overarching direction),
- strategy (where and how the firm will compete to win with durable competitive advantage),
- organizational structure (arrangement of people - clarity in ownership of roles, responsibilities and resources),
- business process (includes success metrics that will be tracked eg. balanced scorecard & strategy map) and incentives.
(VI) Shape the organizational structure
- arrangement of responsibilities, tasks, people within an organization as required by strategy.
Determines how information will flow efficiently through the firm (Carpenter & Sanders, 2009).
- types of structure include: Functional, multi-divisional, matrix, network
(VII) Pull the 5 Strategy implementation levers suitably
- organization structure, systems, processes, people & rewards (Carpenter & Sanders, 2009).
What works in one region or country may not work in another region or country and so contradictions can occur between the levers as a firm gets globalized - Think global, act local; Decentralize decision making but coordinate policy.
(VIII) Strategy determines organization structure
But learning in an organization through the structure (eg. employees working at customer sites) can also change the strategy itself (Carpenter & Sanders, 2009).
Dr DP
Another great week of learning. Highlights from Week10 learning for me include the following. I see this collection of concepts, with a compilation of key questions, as a vital framework I can use to define a strategy for organizations I will lead to win in the marketplace.
(I) Win
Always keep in mind the single strategic goal: winning in the marketplace
(IIa) Define the strategy at the beginning:
Sketch out a high-level but clear picture of the task:
- How will you create value ?
- What’s our overarching goal?
- Where will we compete?
- How will we outperform our rivals - what is the unique competitive advantage of the firm?
(IIb) Develop the strategy with the planning group
- use qualitative and quantitative analyses and analyzing different points of view.
(IIc) Develop a portfolio of strategic opportunities by balancing risk and rewards.
(IId) Make strategic choices for sustainable competitive advantage: be flexible vs stay the course
Create the strategic plan: translate high level objectives to set of activities; consider strategy, people, structure, processes, metrics.
(IIe) Prioritize the most important activities and tackles the ones that matter most.
(IIf) Get the activities into the budget
(IIg) Defend the strategy and react to market changes quickly - use porter's 5 forces model; monitor competitors, new entrants, substitutes
(IIh) Consider Growth options: organic internal growth by investing in new technologies and strengthening core competencies? M&A? alliances ? partnerships?
(IIi) Learn as you go: Be discovery-oriented and explore new ideas; ensure firm's Resources and Capabilities are on top of the game
(IIj) Be agile: be open and flexible to changing the game with new data
(IIk) Be Constantly on the move: Never be a sitting duck
- update fact base constantly
- think about relative strengths to anticipate competitor move
- look outside the firm: what is changing and what is likely to change in future ?
- look inside the firm: what are the obstacles and internal challenges could undermine strategy ?
(III) Implement the Strategy but recognize that it is a dynamic and iterative process.
Actively manage strategy to achieve desired behaviors, avoid surprises and deliver results.
Pay attention to the time and way the strategy is introduced and measure the degree of success in implementing it.
(IV) Mobilize to win by getting everyone on board
(i) ask dissenters to leave early on
(ii) Use critical tools to set the pace:
- DVP: Actively Generate Dissatisfaction (the way people feel) with status quo, Communicate a compelling vision (where you want them to go), Process (how they're going to get there)
- Gap Analysis: review regularly and remove obstacles in the way of the team
- Six Sigma
(iii) use financial and non-monetary incentives for those that remain loyal
(V) Align the organization to win
- vision (broad view and overarching direction),
- strategy (where and how the firm will compete to win with durable competitive advantage),
- organizational structure (arrangement of people - clarity in ownership of roles, responsibilities and resources),
- business process (includes success metrics that will be tracked eg. balanced scorecard & strategy map) and incentives.
(VI) Shape the organizational structure
- arrangement of responsibilities, tasks, people within an organization as required by strategy.
Determines how information will flow efficiently through the firm (Carpenter & Sanders, 2009).
- types of structure include: Functional, multi-divisional, matrix, network
(VII) Pull the 5 Strategy implementation levers suitably
- organization structure, systems, processes, people & rewards (Carpenter & Sanders, 2009).
What works in one region or country may not work in another region or country and so contradictions can occur between the levers as a firm gets globalized - Think global, act local; Decentralize decision making but coordinate policy.
(VIII) Strategy determines organization structure
But learning in an organization through the structure (eg. employees working at customer sites) can also change the strategy itself (Carpenter & Sanders, 2009).
Dr DP
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