This paper addresses the ability of individual managers to deal with rapid change and how that influences the success of the firms for which they work. The authors introduce a tool that allows individuals and teams to self-diagnose their mindsets. Focused on two principal dimensions, strategic scope and focus, the tool also considers the offering, customer and market.
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.
Surprisingly few executives use data from their own organizations to test their assumptions about what factors drive financial performance. By gaining new insights into performance relationships within their own companies, managers can develop smarter strategies.
Mergers and acquisitions have undoubtedly resulted in more diversified companies. However, the larger the company, the bigger the challenge it is to plan and execute join strategic initiatives among business units.