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Date Submitted: 04/12/2012 08:51 PM
THE
STRATEGY
EXECUTION
SOURCE
Article Reprint No. B0801A
Developing the Strategy:
Vision, Value Gaps, and Analysis
By Robert S. Kaplan and David P. Norton, with Edward A. Barrows Jr.
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BALANCE
ON
Special Book Preview
An exclusive preview from Kaplan and Norton’s new book, The Execution Premium,
due out this spring.
Developing the Strategy:
Vision, Value Gaps, and Analysis
By Robert S. Kaplan and David P. Norton, with Edward A. Barrows Jr.
During the past 30 years, much attention has been focused
on how companies can formulate new strategies for
sustainable advantage. In this first of two articles on
strategy development, adapted from Kaplan and Norton’s
forthcoming book, The Execution Premium, the authors
explore the key steps that establish a foundation for
formulating strategy, from defining mission, vision, and
values to strategic analysis.
Our work on strategy execution
over the past 15 years has generally assumed the organization had
a strategy in place. We’ve viewed
the strategy development process
as a “black box” that produced
a strategy to be implemented
using strategy maps and Balanced
Scorecards. After much additional
experience, we have now observed
the strategy development practices
followed by the most successful
organizations. While the actual
selection of a strategy remains an
art, it is an art that should nonetheless be governed by a systematic
process—one that defines the organization’s purpose and goals and
carefully examines the external
and internal environment to identify...