The What s Next Process for Creating A Winning Competitive Strategy
Below is a MRR and PLR article in category Business -> subcategory Marketing.
The What's Next? Process for Crafting a Winning Competitive Strategy
Overview
The core of modern strategy development revolves around the question, "What is possible?"
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The Traditional Approach
The conventional strategy development process follows a straightforward logic, designed to answer: What must we do to achieve our goals?
Traditional Strategy Steps:
1. Current Position: Assess where we are now.
2. Future Goals: Define where we want to be.
3. Action Plan: Determine how we get there.
This method relies heavily on Gap Analysis, where success hinges on execution. However, I argue this approach?"often resulting in what I call "Wishful Strategizing"?"is now outdated. It fails to lead organizations toward success and profitability, often leaving executives disillusioned with strategy-making.
Fundamental Flaws
Misguided Assumptions:
1. Clear Goals Exist: We presume we know our goals based on current conditions and customer feedback. Yet, true potential lies in what "could be." Companies transform customer desires, creating products previously unimaginable, such as commercial flights and computers.
2. Stability of the World: The assumption that a stable landscape allows us to chart a path is outdated. Today's customers face overwhelming options, leading to fluctuating demands. Market share, once a stable metric, now changes rapidly. Managers often acknowledge the need for a repeatable, rather than sustainable, competitive advantage.
3. Competitor Complacency: Assuming competitors will remain constant is a mistake. New players, innovative managers, and dynamic thinking create ever-changing market conditions. Companies must embrace creativity and innovation to succeed where others haven’t ventured.
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The New Approach
To move beyond outdated strategies, we propose shifting from wish-based to opportunity-based management. Our consulting work focuses on a dynamic process structured around four critical questions:
1. What's Now?
2. What's Possible?
3. What's Feasible?
4. What's Next?
Embracing Possibilities
Central to this process is "What's Possible?"?"an aspect often neglected in traditional SWOT Analysis. We developed a comprehensive tool called the "Opportunity Scan" or "O-Scan" to systematically explore available opportunities. This methodology enhances goal definition, making it far more impactful after a thorough opportunity scan.
Through extensive research and analysis of over 150 successful companies, we've identified the following formats for identifying new opportunities:
- Innovative business concepts
- Competitive strategies
- Growth potential segments
- 'Hit' products or services
- Compelling brand strategies
Systematic Opportunity Search
Our analysis revealed six essential modules for a systematic opportunity search, complete with tailored tools:
1. Consumer Fore-Search
2. Competition Analysis
3. Internal Audit
4. Brand Audit
5. Worldwide Lookup
6. Inventive Thinking
Continuous Strategy Development
Unlike traditional methods, which are static and infrequently revised, our "What's Next?" process advocates for a fluid strategy in constant evolution. This approach balances continuity with adaptability, embedding strategy development as a core component of daily management.
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In summary, the new strategy paradigm focuses on continuously identifying, inventing, and implementing opportunities. By embracing change and innovation, organizations can craft strategies that not only keep pace with the market but forge ahead of the competition.
You can find the original non-AI version of this article here: The What s Next Process for Creating A Winning Competitive Strategy.
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