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Your strategy audit_08302013

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  • 1. Preparing Yourself: Audit Your Strategy and Clarify Your Process Your Strategy Audit Rita GuntherMcGrath and Ian C. MacMillan. Market Busters(Boston, MA: Harvard BusinessSchool Press, 2005)
  • 2. BASELINE Thisapproach will giveyou abaseline. If you already havegood processesin place, you should beableto zip through theaudit in no time. If not, you may want to revisit your basestrategy. After you’vetaken agood hard look at what you’redoing now, you’ll be ready to start building marketbusting movesinto theway you “do strategy.” 08 /30/1 3 2jgillis7 6 7 @ ao l.co m
  • 3. Your Strategy Audit Your organization probably hassomekind of strategy and istrying every day to outpacethecompetition and satisfy thecustomers. At therisk of asking you to repeat Strategy 101 but in theinterest of being pragmatic and realistic, wesuggest that you audit your company’sstrategy beforeyou start trying to implement amarketbusting move. 08 /30/1 3 3jgillis7 6 7 @ ao l.co m
  • 4. Objectives  What outcomerepresentssuccessfor you in thisstrategy? How clear and well articulated isit?  Isit clear which market arenasaredesirableand undesirable? Isthe strategic logic for thischoiceclear and unambiguous?  Hasthestrategy been translated to memorable, simplephrasesthat have emotional resonancefor employees?  Do you haveasystematic approach to communication that ensures widespread understanding of thestrategy?  Doesyour company haveaway of describing thestrategy to key financial stakeholders(such asstock analysts)? 08 /30/1 3 4jgillis7 6 7 @ ao l.co m
  • 5. Customers  Which customersdoesyour company seek to serve, and in what priority order? Why haveyou chosen thesecustomers? Which customersdo you not seek to serve? Why?  What doesyour businessdo that offersawinning proposition for customers, consisting of greater valuethan offered by competitors, in such away that customerswill pay for thisgreater value?  How doesyour offering add value, from thepoint of view of thecustomer? Describethisvaluein afew sentences.  How isthebusinesscapturing valuefor your company from thetarget customers? 08 /30/1 3 5jgillis7 6 7 @ ao l.co m
  • 6. Competitors  Who arethey? Areyou obtaining competitiveintel about all three categoriesof competition? Traditional competitors? Potential competitors? Obliquecompetitorswho arein competition with you for something you need, likeinvestment capital or disposabletime? Istherea clear competitivestrategy in placefor each category?  What istheform of competitiveinsulation – how do you protect your chosen marketsfrom thecompetition?  What movesarecompetitorsmost likely to make? How will you respond?  How do you currently conduct competitiveintel? How will your leaders get decent info about what thecompetitorsaredoing? 08 /30/1 3 6jgillis7 6 7 @ ao l.co m
  • 7. Complementors  Which activitiesdo you perform on your own? Would partnering create futureliabilities: losing touch with customers: weakening your technological or capability base?  Whom do you need in your network of stakeholdersto stay effective? Has asolid stakeholder analysisbeen done? When wasit last updated?  Do you haveacontinuously updated list of potential targetsfor acquisitionsor potential partnersfor alliances? Do you haveaclear strategy for post-allianceor acquisition management? 08 /30/1 3 7jgillis7 6 7 @ ao l.co m
  • 8. Company and Capabilities  What aretheuniquecapabilitiesand competenciesof your business? How arethey being leveraged?  What businessmodel isyour company pursuing (what do you get paid for, and how doesit fit into theindustry’svaluechain)?  How doesyour strategy processensurethat you develop new capabilities and terminatethosethat areobsolete?  How will you build and maintain thekey human capital your business requires? 08 /30/1 3 8jgillis7 6 7 @ ao l.co m
  • 9. Context  What aretheenvironmental and contextual issuesthat will affect the successof thisstrategy?  How will outsideforces(regulation, globalization, war) affect thestrategy? 08 /30/1 3 9jgillis7 6 7 @ ao l.co m
  • 10. HEALTHY STRATEGY Asyou think through theanswersto thesequestions, notewhereyou think your company’sstrategy ishealthy and which processesyou want to keep in place, aswell asplaceswhereyou think changesareneeded. Bear thesein mind asyou continueto develop themarketing strategy for your firm. 08 /30/1 3 10jgillis7 6 7 @ ao l.co m
  • 11. TheAuthors Rita GuntherMcGrath AssociateProfessor of Management at ColumbiaBusinessSchool. McKinsey Best Paper Award 2001 Editorial Board of: Academy o f Management Review; Strategic Management Jo urnal; Jo urnalo f Business Venturing. Directo r o f the Strategic Management So ciety Ian C. MacMillan Fred Sullivan Professor of Management at theuniversity of Pennsylvania’sWharton School Director of Entrepreneurial Research Programsat theWharton School Articlesin: Harvard Business Review; Slo an Management Review; Academy o f Management Review; Strategic Management Jo urnal; etc. 08 /30/1 3 11jgillis7 6 7 @ ao l.co m
  • 12. 08 /30/1 3 12 Veritas jgillis7 6 7 @ ao l.co m
  • 13. 08 /30/1 3 13 John Paul Gillis First Light LLC jgillis767@aol.com jgillis7 6 7 @ ao l.co m