Why Strategic Planning Fails

Strategic planning is a key process for driving change, growth, and value creation in an organization. Business strategy defines where and how to compete. The strategic planning process provides a discipline for understanding customer needs, the...

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Strategy Focuses Effort

One of the primary benefits of business strategy is providing focus for the organization. Without strategy to serve as the mantra, the organization can wander into chaos as people pull in different directions or as a stream of new priorities...

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Strategy Sets Direction

One of the main purposes of business strategy is setting direction. The strategy defines the course of the organization required to achieve its goals and objectives and move cohesively forward. Business strategy is a statement of where and how...

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Generic Strategies

The concept of generic strategies was popularized by the book “Competitive Strategy” from Michael Porter in 1980. These are not business strategies in the sense that they do not provide clarity and definition of the strategic direction of a...

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Strategic Differentiation

The purpose of any business is to provide goods or services that offer benefits which fulfill the needs of customers. The value offering of a company is the package of benefits that it provides to its customers, which includes all of the benefits...

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Strategic Situation Analysis

In the strategic planning process, defining the strategy is a function of combining goals and objectives that define what the organization would like to accomplish with the realities of the situation. The situation analysis is a vital part of the...

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Strategy Is Not

A statement of business strategy describes where and how the firm will compete in order to accomplish its objectives, meet customer needs, and obtain a superior financial return. Strategy sets the boundaries around future decisions, describing...

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PEST Analysis

One of the potential tools for the situation analysis in strategic planning is the PEST analysis. No, this is not looking for insects and it is not referring to the competitors that make your life difficult. PEST analysis is shorthand for...

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