FAQs
Great strategies answer five critical questions (“the strategic five”) in ways that are unique to your company: (1) What business or businesses should your company be in? (2) How should you add value to your businesses? (3) Who should be the target customers for your businesses? (4) What should be your value ...
What are the 5 key questions for strategy? ›
Here are 5 questions you can pose to ensure that your strategy achieves that aim:
- What is the fundamental challenge that our strategy addresses? Answering this question provides you with the 'why' of your strategy. ...
- How will we make our customers' lives better? ...
- How will we win? ...
- What are our priorities for action?
In our terms, a strategy is a coordinated and integrated set of five choices: a winning aspiration, where to play, how to win, core capabilities, and management systems. … The five choices make up the strategic choice cascade, the foundation of our strategy work and the core of this book.
What are the five key areas of strategy? ›
These five elements of strategy include Arenas, Differentiators, Vehicles, Staging, and Economic Logic. This model was developed by strategy researchers Donald Hambrick and James Fredrickson.
What questions should a strategic plan answer? ›
Six Key Questions in Strategic Planning
- Where do you want to go from here? What do you want to accomplish? ...
- What obstacles will you have to overcome? What problems will you have to solve? ...
- What additional knowledge, skills, or resources will you require to achieve your strategic objectives?
Each of the 5 Ps stands for a different approach to strategy:
- Plan.
- Ploy.
- Pattern.
- Position.
- Perspective.
While there is no single approach to creating a strategic plan, most approaches can be boiled down to five overarching steps:
- Define your vision.
- Assess where you are.
- Determine your priorities and objectives.
- Define responsibilities.
- Measure and evaluate results.
The 5 phases of the strategic process
- Definition of the orientation/direction that the company wants to take. At this level, we define the Vision, the Mission, and the Goals, but also the Business Perimeter. ...
- Situational analysis (external and internal) ...
- Decision-making process. ...
- Implementation. ...
- Control. ...
- Conclusion.
5 Elements of Effective Strategic Planning
- Take time to get it right. ...
- Understand your organization's capacity. ...
- Be open and honest. ...
- Include stakeholders and gather feedback. ...
- Include a plan to follow through.
What are the 5 common positioning strategies?
- Customer service positioning strategy.
- Convenience-based positioning strategy.
- Price-based positioning strategy.
- Quality-based positioning strategy.
- Differentiation strategy.
But fear not, as Henry Mintzberg has developed a powerful framework for developing successful strategies. Drawing inspiration from the Five Wizards, Mintzberg's 5 Ps of Strategy - Plan, Ploy, Pattern, Position, and Perspective - provide different paths to achieving strategic victory.
What are the 5 key elements of strategic decisions? ›
A strategy consists of an integrated set of choices. These choices relate to five elements managers must consider when making decisions: (1) arenas, (2) differentiators, (3) vehicles, (4) staging and pacing, and (5) economic logic.
What are the 5 elements of strategic thinking? ›
Slow down and organize our strategic thoughts with our five elements of strategic thinking, including the vision, investment in solidifying capabilities, focused opportunity, market impact, and performance result. Set a vision of what you want: Set an aspirational stretch goal for the future.
What are the critical questions in strategic management? ›
Great strategies answer five critical questions (“the strategic five”) in ways that are unique to your company: (1) What business or businesses should your company be in? (2) How should you add value to your businesses? (3) Who should be the target customers for your businesses? (4) What should be your value ...
What are examples of strategic questions? ›
Strategic questions to ask when building a company strategy
- Who is your target customer? ...
- What are the biggest challenges the company is facing? ...
- How can you improve the company's current product? ...
- How did the company get to where it is? ...
- Where does the company want to go? ...
- What should the company do more of?
That's why we have the five Ws, the bread and butter of marketing, if you will – who, what, where, when and why. Put simply, if you can't answer one of these points, it's probably a good idea to review your strategy. Without the five Ws, planning and organising your brand strategy will be virtually impossible.
What are the five pillars of strategy? ›
5 key pillars for effective strategy execution
- No. 1: Strategy formulation.
- No. 2: Execution planning.
- No. 3: Performance management.
- No. 4: Strategy communication.
- No. 5: Organizational bandwidth.
A strategy consists of an integrated set of choices. These choices relate to five elements managers must consider when making decisions: (1) arenas, (2) differentiators, (3) vehicles, (4) staging and pacing, and (5) economic logic.
