Recent research carried out by McKinsey Quarterly with 2,135 executives showed that most companies’ strategies are flawed and not ‘future-proofed’ to make sure that they are adaptable to changing market conditions. With 2012 ahead of us (and no doubt some globally challenging times ahead), we have detailed the main checklist that you should review to see where gaps lie in your company’s strategy and develop a future process for improving your strategy over the next 12 months:
1. Commit to following your strategy (but with some flexibility!)
As documented by Porter and his 5 forces, all companies operate in markets surrounded by customers, suppliers, competitors, substitutes, and potential entrants and all are seeking to advance their own positions. The problem is that most companies continue to do what they have always done and not think about diversifying to beat the market. Remember, if you always do what you have always done then you will always get what you have always got…if you are lucky!
Make sure that you do something different in 2012 to create value and improve your strategy development process.
For a full reading of the article by McKinsey please visit www.mckinseyquarterly.com ‘Have you tested your strategy lately?’
For further reading on strategy development and competitive intelligence click on the links below:
This entry was posted on Wednesday, January 4th, 2012 at 11:42 am and is filed under Articles, Business Decisions, Business Development, Strategic Marketing, White Papers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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