Strategy is a term that is often bandied about by many without a crystal clear understanding or definition of what it actually means.
Brainmates have unpacked the term to present a simple view of strategy.
We are consultants and trainersUse product management as a framework to understand the market and what they might need And using the business’ capability, deliver a product that delights customer and delivers some measurable benefits back to the business.
Brainmates - Strategy, Briefly Explained
Product Strategy Explained
Who is Brainmates?A product managementconsulting and training businessTo provide experienced ProductManagement to businesses thatwant to truly understand theircustomers’ needs ....Our mission:
... to develop innovative productsthat their customers love.
According to Michael Porter...“The essence of strategy ischoosing to perform activitiesdifferently than rivals do.”What is Strategy?Michael Porter, Harvard Business Review, 1996
According to Kim and Mauborgne ...Strategy hinges on thedevelopment and alignmentof three propositions…How Strategy Shapes Structure?Kim and Mauborgne, Harvard Business Review, 2009
Proposition 1:A value proposition thatattracts buyers.
Proposition 2:A profit proposition thatenables the company tomake money out of thevalue proposition.
Proposition 3:A people proposition thatmotivates those working foror with the company toexecute the strategy.How Strategy Shapes Structure?Kim and Mauborgne, Harvard Business Review, 2009
Henri Mintzberg says strategy is ...A PlanA consciously or purposefully intendedcourse of action, a guideline, set ofguidelines to deal with a situation.
Henri Mintzberg says strategy is…A PloyAs a plan, strategy can be a ploy tooutwit an opponent or a competitor.
Henri Mintzberg says strategy is …A PatternStrategy is consistency in behaviour,whether or not intended. A companymay exhibit a pattern in its actions. Thisin itself becomes strategy. There maybe a plan behind these set of actions orthere may not be.
Henri Mintzberg says strategy is …A PositionStrategy as a means of locating theorganisation in the externalenvironment. The organisationsdecision to compete in a specificmarket is itself strategy. (Niche,Ecological).
Henri Mintzberg says strategy is …A PerspectiveStrategy as an ingrained way of seeingthe world. (Some companies areaggressive pacesetters).The Strategy Concept I; Five Ps for StrategyHenry Mintzberg, California Management Review, 1987