The common consensus in the "Marketing Universe" is that there are a distinct set of building blocks required for strategy. The building blocks might differ slightly in terms of their definition but the principles are largely the same.
During my years studying the finer art and fundamentals of strategy one thing became clear, in order to build a solid strategy one needs to follow a set of rules. These rules are not there to stifle the strategist but rather guide the strategist to the best possible outcome.
George Tovstiga a Professor of Strategy and Innovation Management and the Director of the Henley Executive Strategy Programme at Henley Business School, University of Reading in the UK states that there are 5 building blocks for strategy, Tovstiga, G (2015) Strategy in Practice, 3rd ed, pp13–14, pp21–2, p43
1. Our organisation’s external context (environment): What is the competitive economic environment in which we must operate? How is it changing?
2. Our organisation’s resources and capabilities: What are our resources, capabilities and practices – and how do these give us an advantage relative to competitors? (How) is our competitiveness changing?
3. Our customers (or, in an extended sense, stakeholders): Who are our customers (stakeholders) today? Who will they be tomorrow? What do they ‘need’ today; what will they ‘need’ tomorrow?
4. Our ‘unique competing space' What is our ‘unique competing space’ – our unique
opportunity space where we create and deliver value that addresses customers’ needs in a way our competitors cannot?
5. ‘Getting our act together’ How do we align our organisation, our people and our activities – in other words, ‘get our act together’ – to deliver in our ‘unique competing space’?
Each building block is in its own right a critical perspective on strategy but together they work to create a holistic view. if you are serious about taking your business to the next level then these are the building blocks required to get you there.
Hopefully these will help your business better understand the industry and environment you are in. if you want to learn more get in touch: suparoost@outlook.com
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