One major problem most business executives encounter is to briefly state their company's strategy statement. No company can operate successfully without having a clear statement about their strategy.
Researchers have identified three components of a successful strategy statement: objective, scope, and advantage.
Strategic Objective
This identifies the factors that drive the business over the next few years.
This identifies the factors that drive the business over the next few years.
Strategic Scope
A firm's scope encompasses three dimensions: customer or offering, geographic location, and vertical integration.
Boundaries make it easy to identify which activities the firm should concentrate on and which they shouldn't.
A firm's scope encompasses three dimensions: customer or offering, geographic location, and vertical integration.
Boundaries make it easy to identify which activities the firm should concentrate on and which they shouldn't.
Strategic Advantage
A strategic Advantage shows what makes the company unique and different in the market.
A strategic Advantage shows what makes the company unique and different in the market.
With a clear definition of your strategy, formulation and implementation become infinitely easier-the statement will be easier to communicate, and will empower your people to raise the performance of your organization.
-- hbr.org I Spring 2013 I Harvard Business Review OnPoint
