Business Knowledge
Q. What capabilities are needed to achieve success? To successfully compete; strong and differentiated capabilities are also needed. For example, if you are pursuing an innovation/product leadership strategy, you need resources and people who know how to be innovative and create a culture of innovation. If you are pursuing a strategy of cost leadership, you need capacity, great supply chain management, and a culture that drives cost out of the system.
Q. What business systems are required to achieve success? The final question to ask is what systems need to be in place to achieve success? Business systems refer to things such as IT systems, supply chain management system, sales force automation systems, etc. that support the ability to execute the strategy.
Q. What is our value proposition to our customers? The first and most important part of any strategy is having a clear and distinct value proposition to your customers. Is it a product focus? Is it a customer focus? Or is it a cost focus? How do you differentiate and how do you choose to be different? Once you have a clear value proposition it’s just as critical to make sure everyone in your own company knows what it is and how to execute it.
Q. Where are you going to compete? A great strategy has focus and limits; you can’t be all things to all people and all customers. You need to find the right markets and locations to compete in and make sure your value proposition is the right one for the right customers in the right locations.
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