Business Strategy
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Great Overview from The University of Michigan

Great Overview from The University of Michigan

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Business Strategy Business Strategy Document Transcript

  • Create a Sound Business Strategy and Deliver It By Gautam Ahuja, University of Michigan NOTES: THOUGHTS FROM THE THOUGHT LEADERS AT THE ROSS SCHOOL OF BUSINESS Exceptional strategy wins in the or service and, when they buy it, “Identifying the synergies current business environment. how will the firm make money? Without strategy, backed by a To assure successful that hold your individual plan to deliver against, there's implementation, it is important business units together no foundation to achieve to determine the resources at into one unified objectives and meet financial the firm’s disposal as well as its corporation helps set targets. value proposition. broad strategic guidelines. With these in The strategic planning process III. Clear Financial Goals serves as the compass to help place, individual units can and Targets use them to set their own steer the organization toward The intended financial outcome achieving its objectives. A sound should be stated clearly in the strategy and be strategic plan consists of, at the plan, including appropriate competitive in their minimum, four key components: checkpoints throughout the individual environments.” different stages that will ensure I. Environmental Analysis Write the page you want the firm is on target to meet its The company must understand everyone on with Strategic objectives. These goals are Planning and Implementation at everything that is going on critical to understanding Ross Executive Education around it, including four distinct intended results as well as sub-environments: reaping financial gains. Upcoming Program Dates 1) Market – understanding May 16-21, 2010 consumer behavior patterns; IV. Execution Guideposts October 24-29, 2010 2) Competitive – understanding The plan must also include what competitors are doing operational indicators Learn more about Ross Executive and why; throughout the various functions Education programs at 3) Transactional – www.execed.bus.umich.edu (marketing, finance, etc) across understanding what buyers or call 734.763.1000 the organization that together and suppliers are doing in will achieve the financial relation to the firm’s outcome. Each function should quality of a strategic plan and business; and have clear execution metrics, so ensure its effectiveness. 4) Institutional – understanding the entire organization the political and legal understands its expected -continued- framework that impacts the deliverables that will ensure business. success. II. Competitive Strategy If you follow the previous Determine how the company will process, you can generally use compete successfully. three criteria to assess the Essentially, why should customers buy the firm’s product
  • Create a Sound Business Strategy and Deliver It By Gautam Ahuja, University of Michigan External Consistency It is also important to create a Does the strategic plan actually linkage between business unit address the challenges in the strategies and the overall environment? Understanding organizational strategy. A the opportunities and threats in competitive strategy needs to be the environment and how your developed at the business unit plan is addressing them is critical level but as previously to answering this question. mentioned, internal consistency is critical. The overarching Internal Consistency objectives must be clear across The various distinct actions a all businesses within your firm takes to address external organization. Identifying the challenges need to be internally synergies that hold your consistent too. For example, is businesses together into one our strategy for dealing with unified corporation helps set exchange rates consistent with these broad guidelines. With your strategy for inflation, and is these guidelines in place, that consistent with your individual units can use them to strategy for dealing with set their own strategy and be increased competition? You competitive in their individual want to minimize conflicts across environments. the various functional strategies. Gautam Ahuja is a professor at the University of Michigan Ross Flexibility School of Business Executive What if the world doesn’t Education program specializing emerge in the way you predict; in business administration and can your strategy withstand the strategy. Strategy without an shock of that different world? implementation plan is as good The choices your firm makes as having no strategy at all. Get when developing a strategic plan started with Ross today. rely upon a series of assumptions about the world for the next 3-5 years, and you need to be prepared to adjust as the world changes. Through its unique model of thought leadership and action-based learning, Executive Education at the University of Michigan’s Ross School of Business partners with leaders to co-create personalized learning experiences to help them realize meaningful results. Ross faculty includes some of the world’s best known and most respected thought leaders, expert at integrating knowledge with competitive insights and practical application. A unique, results-driven approach is one reason that thousands of executives from more than 70 countries around the globe have chosen Ross for Executive Education. Michigan’s worldwide presence includes offices in Hong Kong, Dubai and India. Learn more about Ross Executive Education programs at www.execed.bus.umich.edu or call 734.763.1000