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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A Different Differentiation

Strategic differentiation is achieved by providing a unique or different value offering to customers as compared to competitors. A strategy of differentiation is based on developing a deep understanding of customers’ needs and then meeting those...

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Porter’s Five Forces

There are five general market or competitive forces that affect every business to some degree. These are often called Porter’s Five Forces because they were popularized in Michael E. Porter’s book, Competitive Strategy, published in 1980. The...

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Tactics and Action Plan

The tactics and action plan describe the activities of the organization to implement the business strategy and achieve the strategic objectives. The action plan is the final piece of a strategic management system that translates mission and...

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Goals and Objectives

Goals and objectives provide direction, inspiration, and a standard for measurement of performance for an organization. Goals define direction or destination while objectives set specific targets or milestones for performance measurement. In a...

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Mission and Vision

Mission describes what you are and vision describes what you want to be. Both of these should be clear and concise statements focused on clearly communicating to the organization’s various stakeholders. Organizations sometimes have long...

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