Strategic flexibility is the process of updating key strategies in a timely manner.This includes both enacting new resource commitments to adapt to the changing market conditions and halting and reversing existing commitments.
The start-up and early stages of growth and expansion of any new business is an exciting time to say the least: new opportunities, new challenges, and new risks. Successful businesses capture the opportunities, meet the challenges, manage the risks and, over time, grow to be a significant competitor in their market and industry.
I naively thought the process of turning strategy into results would be straightforward and simple. I have recently stepped into the directorship of the Center for Food and Agricultural Business, so I am using this review article in a very self-serving manner.
Michael Lewis (who wrote “Moneyball” and “The Big Short”) presents this terrific story of the friendship and academic rivalry between Daniel Kahneman and Amos Tversky. It is an easy read but provides a substantive context for the foundations of behavioral economics.
The author explores strategy as practice principles to identify five key principles that are capable of building great strategies. The five principles are value the ordinary, see past markets, embrace diversity, allow for the bottom up, and accept different forms of greatness.
Developing strategy is tough stuff. Because it is so difficult to do, many strategy documents turn out to be a “check the box – we got one” set of slogans that don’t really inform decisions and are difficult to implement. Consequently, the pithy strategy statement is not translated into real work, which is essential to improve the performance of the business. So how do we solve this dilemma?
Like many business sectors, food and agribusiness firms are increasingly offering product-service systems to meet customer expectations.
Food and agricultural businesses seem to have a classic love-hate relationship with social media. On the one hand, it can be an incredibly powerful tool to engage with customers on a personal basis. On the other hand, it can spread bad news, misperceptions, and negative sentiments that trend within minutes.