Strategy

Simply put, “Strategy is a process which help facilitates to meet an organization’s business goals and objectives.” For any organization, Vision, Mission, Values and Aspirations are the four key pillars and all these are implemented through Strategy. Most organizations have a key executive team who monitor, track and ensure the organization’s Strategy is update in accordance to the market situations and demand. According to me, the thumb rule for any top organization should be to develop and implement strategy which should

• Always Stay Ahead

• Always Be Unique

• Always Proactively Adapt as per market conditions

There are different types of Strategy Approaches available in the market.

Some major approaches are

Structure Based Strategy:

Many leaders use Michael Porter’s “Five Forces Analysis” as a basis for their organization’s strategy.

The five forces are:

1. The threat of the entry of new competitors

2. The intensity of competitive rivalry

3. The threat of substitute product or services

4. The bargaining power of customers (buyers)

5. The bargaining power of suppliers

According to Porter, his generic strategies suggest that organizations can choose from the below

1. Low cost leadership: Undersell competitors while growing like Wal-Mart

2. Differentiation: Be unique and innovative like Apple

3. Focus: No diversity, have a focused approach

Core Competence:

C.K Prahalad and Gary Hamel suggested that the source for competitive in the long run is

1. To build better offerings

2. Unanticipated products

3. Services more effectively than competitors

There are three tests to find out if an organization has core competencies

1. Does it give potential access to many markets, products and services?

2. Will it deliver significant benefits to the end customer?

3. Is it difficult or competitors to mimic

Resource Based View:

A value chain disaggregates a company into the components of its work that are the...