1952_Module 7 Strategy Overview - Read-Only.pdf

if you “hope” something - there is a gap in your plan establish a vision and how to get there long term strategy is usually over 5years Reactionary - late to the game, responding because you have to Remedial - seeing what others are doing and joining earlier Resourceful - adapting as the times...

if you “hope” something - there is a gap in your plan establish a vision and how to get there long term strategy is usually over 5years Reactionary - late to the game, responding because you have to Remedial - seeing what others are doing and joining earlier Resourceful - adapting as the times change Revolutionary - the 1st, totally unique 1. Planning a. Strategic planning should be an exploration of the potential for revolution, not a calendar-driven ritual b. inventions should be challenged, making strategies funnel for generating new ideas c. the process should open the door to the entire organization to contribute and explore its creative potential 2. Subversive a. identify 10 to 15 most fundamental beliefs that incumbents in your industry share b. relax those beliefs and watch what new opportunities present themselves c. rule makers and Rule takers are the industry. rule Breakers redefine the industry, invent the new by challenging the old 3. Bottleneck a. the organizational pyramid is a pyramid of experience. experience is only valuable when the assumption is that the future will look like the past b. put the customer at the top of the pyramid c. challenge Yourself by challenging the industry conventions d. be curious about what is happening beyond the traditional boundaries of your industry 4. Revolutionary  a. find the pro change agents at every level of your organization b. engage and listen to what they have to say c. build an environment of trust for people to share ideas and promote change d. change will drive new ways of doing And strategies will change the status quo 1. Engagement a. all too often changes simply a code word for something unpleasant a restructuring or reorganization b. give people the responsibility of owning the change and control of their own destinies c. engage in dialogue about the future and transform it into a strategy making process 1. Democratic a. The capacity to think creatively about strategy is distributed widely in an Enterprise b. crafting strategy can be an all in effort, to look into potential discontinuities, help Define and elaborate the organization's core competencies, and search for unconventional strategic options c. diversity, location, and newcomers can bring fresh perspectives into strategy 2. Activism a. activists are not Anarchists their goal is not to tear down but reform b. reformists show they care and get involved for the right cause c. they show engagement and Devotion to the organization's Direction d. when senior managers are distracted, when planning has supplanted strategizing, and when more energy is being devoted to protecting the past than to creating the future, activists must step forward 3. Perspective a. View the organization of the bundle of core competencies rather than a collection of business units b. you imagination rather than investment as an organization's capacity to be strategic c. four ways to create New Perspectives for your organization i. identify your industry’s conventions ii. search for new patterns that create opportunities to rewrite  those conventions iii. achieve a deep understanding of your organization's core competencies iv. identify unconventional strategic options to work in your competitive domain 1. Top-down/Bottom-up a. bringing the top and bottom together in the creation of strategy will help bypass the usually painful and laborious process whereby an employee can bring an idea up the chain of command b. senior managers can participate as team members in the search for opportunities c. in the Quest for revolutionary strategies, a senior executive must be more student than teacher 2. Finish Line a. build open-ended and inclusive strategies to lessen the challenge of implementation b. open the floor for employees to buy into the strategy and add their ideas to keep the plan c. keep ideas flowing and encourage the discussion without inhibiting the outcome d. organizations jump to outcomes too fast without understanding what the problem they are trying to solve is 1. Porter's five forces are used to identify and analyze an industry's competitive forces. The five forces are competition, the threat of new entrants to the industry, supplier bargaining power, customer bargaining power, and the ability of customers to find substitutes for the sector's products. 2. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. 3. PEST analysis stands for political, economic, social, and technological. This type of analysis is used to gauge external factors that could impact the profitability of a company. 4. Identify any favorable and unfavorable scenarios your organization might be in, and find benefits for every situation/scenario. What if we did this? what would that look like? 5. Blue ocean strategy is about doing business where there is no competitor. This is an uncontested Marketplace versus a Marketplace that is already developed or saturated AKA a red ocean 6. A gap analysis is an examination and assessment of your current performance for the purpose of identifying the differences between your current state of business and where you’d like to be. 7. Mind maps are useful tools for brainstorming. They are commonly used by business analysts to identify ideas, during root cause analysis, and with stakeholders to identify requirements. 8. The five sections of "Playing to Win" are: 1) Articulating a winning aspiration;  2) Determining where to play; 3) Knowing how to win in your chosen location; 4) Developing the core capabilities required to win; and 5) Implementing the management systems that support success. 9. VRIO is an initialism for the four question framework asked about a resource or capability to determine its competitive potential: the question of Value, the question of Rarity, the question of Imitability (Ease/Difficulty to Imitate), and the question of Organization (ability to exploit the resource or capability). 10. The Balanced Scorecard Links Performance Measures: How do customers see us? (customer perspective); What must we excel at? (internal perspective); Can we continue to improve and create value? (innovation and learning perspective); How do we look to shareholders? (financial perspective) 1. Why a. The WHY types focus on the future. they are Visionaries and see things other people's don't 2. How a. most people in the world are HOW types. b. they can do a plan very well and shape the way things should be implemented c. the WHY types need the HOW types to make their dreams come true 3. What a. the WHAT types are considered the workers. it's where the majority of employees sent aka the doers. but it's the type that requires the most skill b. the WHAT works to make the WHY possible in the end c. all the products and services that the organization cells, all the marketing and advertising, all the contact with the outside world, and the client is represented by the WHAT Top right - high ppl, high uncertainty Blue ocean tool Low right - high uncertainty, low people Top left - low uncertainty, high ppl Bottom left - low uncertainty and low ppl Justification of the project Business cases are given to you, you turn into a Project charter Enough to get you going Flexible as you get feedback