This document discusses various definitions and concepts related to strategy. It begins by defining strategy as a plan of action to achieve goals. It then discusses strategy at different levels of a business, the importance of strategic thinking, analyzing the external environment and competitors, and determining a sustainable competitive advantage through making tradeoffs. Key aspects of strategy include focusing on profitable growth, continual innovation, and defining an organization's strategic position and ensuring fit across activities.
Market Based Strategic Planning For Early Stage Life Science Companies. See how to position your products and services to win the battle for your customers’ minds.
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Market Based Strategic Planning For Early Stage Life Science Companies. See how to position your products and services to win the battle for your customers’ minds.
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Operational Effectiveness Is Not Strategy
Operational Efficiency
Competitive Strategy
Strategy Rests on Unique Activities
Origin of Strategic Position (3 Sources)
Variety /Need /Access-Based Positioning
A Sustainable Strategic Position Requires Trade-offs
Fit Drives Both Competitive Advantage and Sustainability
Rediscovering Strategy
External Challenges to Strategy
Traps for Shaping Strategy
Entrepreneur 4: Business Strategies & Rapid Growth StrategiesBernard Leong
The 4th lecture focus on business strategy and models, rapid growth strategies (franchising, mergers & acquisitions), and an introduction to Moore's "Crossing the Chasm", Gartner's Hype Cycle and Porter's 5 Forces.
13 commandments for crafting successful business strategiesDr Wilfred Monteiro
Most upcoming enterprises are so caught up in fulfilling targets for the next quarter that they have no time to plan and analyse and think of LEVEL NEXT as the achievement platform...here are some useful tips to plan strategically
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Competitive Analysis remains an underleveraged - yet - powerful tool in the product strategist's arsenal. Most companies know who their competitors are. Yet competitive analysis is rarely done in an in-depth manner and usually only covers feature checklists of similar products. This presentation will cover how to examine every aspect of your competition so that winning strategic plans can be put in place. This includes a four-step process for developing competitive analysis for both internal and external audiences and topics such as SWOT analysis, Porter's five forces, channel, team/company, product features, funding and others.
Operational Effectiveness Is Not Strategy
Operational Efficiency
Competitive Strategy
Strategy Rests on Unique Activities
Origin of Strategic Position (3 Sources)
Variety /Need /Access-Based Positioning
A Sustainable Strategic Position Requires Trade-offs
Fit Drives Both Competitive Advantage and Sustainability
Rediscovering Strategy
External Challenges to Strategy
Traps for Shaping Strategy
Entrepreneur 4: Business Strategies & Rapid Growth StrategiesBernard Leong
The 4th lecture focus on business strategy and models, rapid growth strategies (franchising, mergers & acquisitions), and an introduction to Moore's "Crossing the Chasm", Gartner's Hype Cycle and Porter's 5 Forces.
13 commandments for crafting successful business strategiesDr Wilfred Monteiro
Most upcoming enterprises are so caught up in fulfilling targets for the next quarter that they have no time to plan and analyse and think of LEVEL NEXT as the achievement platform...here are some useful tips to plan strategically
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Support presentation to the SPIN-UP Training Programme on Entrepreneurial Skills for University Spin-Offs.
SPIN-UP is a cooperation project supported by the European Commission that aims to create an Entrepreneurship Training and Coaching Programme that contributes to the development of Key Entrepreneurial Skills, both technical and behavioural, essential to enable and leverage University Spin-Offs growth.
Download and have access to other training materials in www.spin-up.eu
Competitive Analysis remains an underleveraged - yet - powerful tool in the product strategist's arsenal. Most companies know who their competitors are. Yet competitive analysis is rarely done in an in-depth manner and usually only covers feature checklists of similar products. This presentation will cover how to examine every aspect of your competition so that winning strategic plans can be put in place. This includes a four-step process for developing competitive analysis for both internal and external audiences and topics such as SWOT analysis, Porter's five forces, channel, team/company, product features, funding and others.
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240529_Teleprotection Global Market Report 2024.pdfMadhura TBRC
The teleprotection market size has grown
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Young Tom Selleck: A Journey Through His Early Years and Rise to Stardomgreendigital
Introduction
When one thinks of Hollywood legends, Tom Selleck is a name that comes to mind. Known for his charming smile, rugged good looks. and the iconic mustache that has become synonymous with his persona. Tom Selleck has had a prolific career spanning decades. But, the journey of young Tom Selleck, from his early years to becoming a household name. is a story filled with determination, talent, and a touch of luck. This article delves into young Tom Selleck's life, background, early struggles. and pivotal moments that led to his rise in Hollywood.
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Early Life and Background
Family Roots and Childhood
Thomas William Selleck was born in Detroit, Michigan, on January 29, 1945. He was the second of four children in a close-knit family. His father, Robert Dean Selleck, was a real estate investor and executive. while his mother, Martha Selleck, was a homemaker. The Selleck family relocated to Sherman Oaks, California. when Tom was a child, setting the stage for his future in the entertainment industry.
Education and Early Interests
Growing up, young Tom Selleck was an active and athletic child. He attended Grant High School in Van Nuys, California. where he excelled in sports, particularly basketball. His tall and athletic build made him a standout player, and he earned a basketball scholarship to the University of Southern California (U.S.C.). While at U.S.C., Selleck studied business administration. but his interests shifted toward acting.
Discovery of Acting Passion
Tom Selleck's journey into acting was serendipitous. During his time at U.S.C., a drama coach encouraged him to try acting. This nudge led him to join the Hills Playhouse, where he began honing his craft. Transitioning from an aspiring athlete to an actor took time. but young Tom Selleck became drawn to the performance world.
Early Career Struggles
Breaking Into the Industry
The path to stardom was a challenging one for young Tom Selleck. Like many aspiring actors, he faced many rejections and struggled to find steady work. A series of minor roles and guest appearances on television shows marked his early career. In 1965, he debuted on the syndicated show "The Dating Game." which gave him some exposure but did not lead to immediate success.
The Commercial Breakthrough
During the late 1960s and early 1970s, Selleck began appearing in television commercials. His rugged good looks and charismatic presence made him a popular brand choice. He starred in advertisements for Pepsi-Cola, Revlon, and Close-Up toothpaste. These commercials provided financial stability and helped him gain visibility in the industry.
Struggling Actor in Hollywood
Despite his success in commercials. breaking into large acting roles remained a challenge for young Tom Selleck. He auditioned and took on small parts in T.V. shows and movies. Some of his early television appearances included roles in popular series like Lancer, The F.B.I., and Bracken's World. But, it would take a
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Tom Selleck Net Worth: A Comprehensive Analysisgreendigital
Over several decades, Tom Selleck, a name synonymous with charisma. From his iconic role as Thomas Magnum in the television series "Magnum, P.I." to his enduring presence in "Blue Bloods," Selleck has captivated audiences with his versatility and charm. As a result, "Tom Selleck net worth" has become a topic of great interest among fans. and financial enthusiasts alike. This article delves deep into Tom Selleck's wealth, exploring his career, assets, endorsements. and business ventures that contribute to his impressive economic standing.
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Early Life and Career Beginnings
The Foundation of Tom Selleck's Wealth
Born on January 29, 1945, in Detroit, Michigan, Tom Selleck grew up in Sherman Oaks, California. His journey towards building a large net worth began with humble origins. , Selleck pursued a business administration degree at the University of Southern California (USC) on a basketball scholarship. But, his interest shifted towards acting. leading him to study at the Hills Playhouse under Milton Katselas.
Minor roles in television and films marked Selleck's early career. He appeared in commercials and took on small parts in T.V. series such as "The Dating Game" and "Lancer." These initial steps, although modest. laid the groundwork for his future success and the growth of Tom Selleck net worth. Breakthrough with "Magnum, P.I."
The Role that Defined Tom Selleck's Career
Tom Selleck's breakthrough came with the role of Thomas Magnum in the CBS television series "Magnum, P.I." (1980-1988). This role made him a household name and boosted his net worth. The series' popularity resulted in Selleck earning large salaries. leading to financial stability and increased recognition in Hollywood.
"Magnum P.I." garnered high ratings and critical acclaim during its run. Selleck's portrayal of the charming and resourceful private investigator resonated with audiences. making him one of the most beloved television actors of the 1980s. The success of "Magnum P.I." played a pivotal role in shaping Tom Selleck net worth, establishing him as a major star.
Film Career and Diversification
Expanding Tom Selleck's Financial Portfolio
While "Magnum, P.I." was a cornerstone of Selleck's career, he did not limit himself to television. He ventured into films, further enhancing Tom Selleck net worth. His filmography includes notable movies such as "Three Men and a Baby" (1987). which became the highest-grossing film of the year, and its sequel, "Three Men and a Little Lady" (1990). These box office successes contributed to his wealth.
Selleck's versatility allowed him to transition between genres. from comedies like "Mr. Baseball" (1992) to westerns such as "Quigley Down Under" (1990). This diversification showcased his acting range. and provided many income streams, reinforcing Tom Selleck net worth.
Television Resurgence with "Blue Bloods"
Sustaining Wealth through Consistent Success
In 2010, Tom Selleck began starring as Frank Reagan i
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4. Strategy Defined
Strategy, according to the definition
in Wikipedia is a plan of action
designed to achieve a particular
goal.
My definition of strategy is three simple
words. Future Competitive Advantage.
5. Strategy
Strategy is planning that allows you to get more
than your fair share.
Strategy is about getting customers and keeping
them.
Drucker: “The purpose of a business is to
create a customer.”
“Build it and they will come.”
6. What Is Strategy?
Consists of the combination of competitive
moves and business approaches used by
managers to run the company and reach
specified goals
Management’s “game plan” to
– Attract and please customers
– Stake out a market position
– Compete successfully
– Grow the business
– Achieve targeted objectives
7. Strategy
The process of strategy includes:
– Analysis
– Formulation
– Implementation
8. What’s Strategy
* Where is the business trying to get to in the
long-term (direction)
* Which markets should a business compete in
and what kind of activities are involved in such
markets? (markets; scope)
* How can the business perform better than the
competition in those markets? (advantage)?
* What resources (skills, assets, finance,
relationships, technical competence, facilities)
are required in order to be able to compete?
(resources)?
9. Strategy - Continued
* What external, environmental factors affect the
businesses' ability to compete? (environment)?
* What are the values and expectations of those
who have power in and around the business?
(stakeholders)
10.
11. Flawed Concepts of Strategy
Strategy as action
– “Our strategy is to merge…”
– “… internationalize…”
– “… consolidate the industry…”
– “… outsource…”
– “…double our R&D budget…”
12. Strategy as aspiration
– “Our strategy is to be #1 or #2…”
– “Our strategy is to grow…”
– “Our strategy is to be the world leader…”
– “Our strategy is to provide superior returns to
our shareholders…”
13. Strategy as vision
– “Our strategy is to best understand and
satisfy our customers’ needs…”
– “ provide superior products and services ”
… provide superior products and services…
– “…to advance technology for mankind…”
14. Strategy at Different Levels of a
Business
Corporate Strategy
Business Unit Strategy
Operational Strategy
15. Strategic Thinking
“Strategic thinking is the art of outdoing an
adversary, knowing that the adversary is trying
to do the same to you.”
“It is also the art of finding ways to cooperate,
even when others are motivated by self-interest,
not benevolence. It is the art of convincing
others, and even yourself, to do what you say.
It is the art of interpreting and revealing
information. It is the art of putting yourself in
others shoes so as to predict and influence what
they will do.”
The Art of Strategy, Dixit and Nalebuff, W.W. Norton, 2008.
16. Thinking Strategically:
The Three Big Strategic Questions
1. Where are we now?
Market and Competitive Position
Financial and Operational Positions
Customer and Stakeholder Perspective
2. Where do we want to go?
– Business(es) to be in and market positions to stake out
– Buyer needs and groups to serve
– Outcomes to achieve
3. How will we get there?
– A company’s answer to “how
will we get there?” is its strategy
17. Strategic Planning and Analysis
Planning how to get more than your fair share
involves:
– Scanning the overall environment
– Scanning and researching the industry environment
– Researching direct competitors
– Researching a firm’s skills and resources
– Analyzing current strategy
18. “The Five Competitive Forces That Shape Strategy,” Michael Porter, Harvard Business Review, January 2008.
19. Before the Internet
Michael Porter wrote the initial model for the
Five Forces in 1979.
He wrote “What Is Strategy” for HBR in 1996,
his seminal book Competitive Strategy in 1981,
and Competitive Advantage in1985.
Before the Internet (BTI)
– Before Google
– Before Napster, iTunes, and the iPod
– Before craigslist.com
He didn’t consider how to compete with free.
20. Before Behavior Economics
Porter made his major contributions to strategy
theory before behavioral Economics research.
BE research has shown that people do not make
rational decisions (emotions dominate) and that
markets are not rational.
That success is more often the result of luck
(randomness) than carefully planned strategy.
21. Randomness
People are not wired to understand randomness.
We are wired to see patterns and causality; can’t
accept randomness.
Can’t plan for luck.
But can be nimble and take advantage of lucky
breaks.
22. Operational Effectiveness Is Not Strategy
Concentration on core competencies and
competitive positioning via benchmarking can
lead companies down the path toward mutually
destructive competition.
Companies must distinguish between operational
effectiveness and strategy and not confuse
them.
“What is Strategy,” Michael Porter, Harvard Business Review, November 1996, Reprint # 96608
23. Operational Effectiveness Is Not Strategy
Operational effectiveness is necessary to
compete but not sufficient to win.
A company can outperform others and win only if
it can establish a difference that it can sustain –
a differential competitive advantage.
– In the past barriers to entry were the primary
competitive advantage.
Operational effectiveness means doing things
better than competitors, strategic positioning
means doing things different from competitors.
24. Strategy Rests On Unique Activities
The essence of strategy is choosing to perform
activities differently than rivals do.
Strategic positions can be based on customers’
needs, customers’ accessibility, or the variety of
a company’s products or services.
Porter’s concept of fit is no longer valid.
Change is happening too fast.
Remember, “structure follows strategy”
25. Generic Strategies
There are three generic (primary) strategies:
– Differentiation
– Focus (niche marketing)
– Cost leadership
These definitions characterize strategic positions
at the simplest and broadest levels.
26. Secondary Strategies
Within the three basic strategies, there are
several secondary strategies:
– Defense: Block competition to avoid losing market
share.
– Offense: Attack competition head on.
– Flanker Brand: Establish new position.
– Fighting Brand: Create a new brand to compete with
competitive new brand.
– Guerrilla Marketing: Force competition to respond
with small resources.
– Ambush Marketing
27. Profitable Niche
Measurable, sizable, reachable
Niche strategy advantages:
– Flexible, can adapt to new needs, small range of
needs.
– Efficient for promotion, distribution.
– Reduces competitive pressure.
– With few competitors, can be highly profitable.
28. Niche strategy disadvantages:
– Few economies of scale
– Success breeds competition. When new competitors
enter the niche, strategy must change.
To thrive in most businesses, must be #1, #2, or
get out (find a new niche).
– Get out in the long tail.
30. A Sustainable Strategic Position Requires
Trade-offs
Tradeoffs are essential to strategy. They create
the need for choice and purposefully limit what a
company offers.
– Remembering that a valuable position will attract
copycats.
Can’t be all things to all people. Be best at doing
a few things.
– Then expand on those core competencies.
Apple
Google
31. Sustainable Competitive Advantage
Unique competitive position for a company
Activities tailored to strategy
Clear trade-offs and choices vis-à-vis competitors
Competitive advantage arises from fit across activities.
– And sustainable barriers to entry
Sustainability comes from the activity system, not the
parts.
Operational effectiveness a given
Constant innovation a must
32. Determining Strategy
To determine strategy, answer the following
questions:
– Which of our products/services are the most distinctive?
– Which of our products/services are the most profitable?
– Which of our customers are the most satisfied?
– Which customers, channels, or purchase occasions are
most profitable?
– Which of the activities in our value chain are the most
different and effective.
– How can we make everything better? Now!
33. Profit is Important
Profit is the key to a successful strategy, not
growth.
Compromises and inconsistencies in the pursuit
of growth will erode the competitive advantage
a company.
Keep an eye on profitable growth.
34. Potential Traps
Meaningless differentiation
Getting greedy
Groupthink
– Alfred Sloan
Throwing money at a problem
Lack of commitment
Innovation stagnation
36. Perceptual Problems
“All the kids are above average…”
Jim Collins lists five basic management
perceptual mistakes that lead to five stages of
decline:
– Stage 1: Hubris Born of Success
– Stage 2: Undisciplined pursuit of more
– Stage 3: Denial of risk and peril
– Stage 4: Grasping for Salvation
– Stage 5: Capitulation to Irrelevance or Death
Jim Collins, How the Mighty Fall, Harper Collins, NY 2009.
37. The Role of Top Management
The role of top management in an organization
is:
– Defining an organization’s position and strategy
– Making trade-offs
– Forging fit among activities
– Building an innovation machine
And strategy may have to change along with
major structural changes in an industry --
flexibility is vitally important.
38. Organizations
Must have a visionary, meaningful mission
statement.
Must have a clear and simple strategy.
Must define how to get more than a fair share.
Must be committed to strategic moves and
signal commitment to competitors.
Must follow through on commitments continually
and retaliate quickly and aggressively to counter
moves.
Must continually innovate.
39. The Strategy Focused Organization *
Mission:
“Why we exist”
Core Values:
“What we believe in”
Vision: “What we want to be”
Strategy: “Our game plan (how to win)”
Goals For Implementing Strategy (Metrics):
“What we need to do”
OUTCOMES
Satisfied Delighted Effective Motivated and
Shareholders Customers Process Prepared
Workforce
* The Strategy Focused Organization, Robert Kaplan, David Notron, Harvard Business School Press, 2001