Business strategy includes the topics of growth strategy, marketing strategy, sales strategy, as well other areas of strategic thinking. Within growth strategy, we include both natural growth and inorganic growth, namely mergers and acquisitions. Marketing strategy includes brand strategy, product launch strategy, in addition to SEO strategy. Marketing strategy and sales strategy are often discussed in unity, but are completely different in nature. Sales strategy includes distribution strategy, direct sales strategy, and business development. Business strategies are often defined with the context of an annual strategic planning session, typically conducted in a week long day remote conference space with executives and key stakeholders, both inside and outside the business.
Business strategy development has evolved through 5 key phases since the early 1900s. Strategy development started with a focus on financial planning in the 1950s, moving to sustainable business planning in the 1960s, to strategic planning in the 1970s and ultimately to a focus on strategic management in the present day. Changes to strategic mindset represent a changing landscape, emerging business leaders, and emergence of disruptive technologies and changes. A lot of competitive strategy is also hinged on ideas in the 1970s, where the focus of what business leaders devote their efforts to was around thinking strategically to beat competition and the business frameworks of alternative strategies, portfolio analysis, and the BCG Growth Share Matrix were developed. Today, the strategic development theme is on integrating strategic planning and execution with a stress on the primary notions of core competencies, strategy planning and execution, and balance scorecard analysis.
Structured business communication is oftentimes framed under a business framework. Crawl Walk Run is a popular framework for representing the progression of organizational change, from an initial crawl stage eventually to walk-type activities and ultimately to the run phase of automated processes. Well known ones include Pintos Pyramid Principle, which is commonly used by management consultants and management executives in structuring ppt presentations. The Pyramid Principle is embedded into the presentation storyboarding process.
Strategic thinking of contemporary businesses has been built upon a platform of military strategists since the beginning of organized warfare. Sun Tzu hinted at indirect strategies when he said winning without fighting is the pinnacle of skill on the battlefield. Sun Tzus thoughts about the factor of terrain, if we were to take that into the context of companies competing today, translates to markets, industry structures, value propositions, and industry forces. Sun Tzu preached to know and attack the enemys strategy. In Sun Tzus Art of War, he spoke about five core factors in military strategy and each of these factors relates to a popular concept of business strategy.
To create a rigorous corporate strategy, companies all must follow a strategy development process that starts with a agreed upon understanding of its business positioning and existing strategic barriers to growth. In order to understand your strategic challenges, you must begin with a complete, end-to-end understanding of your situation. The next steps include defining what the future state vision of the organization is and then going into the details of planning how to achieve that state. Proper strategy development involves more than a focus on maximizing profitability. Strategy is about value innovation, strategy is about focus, and strategy is about flexibility.
Today, there are two primary schools of thought around strategic management. Mintzberg opts for an organization, bottom-ups process to drive business strategy development that adheres to organizational configuration. In organizational configuration, the organization takes on behaviors based on adoption to contexts. Henry Mintberg also advocates a transformation of business practices, where management recognizes the need and has the ability to manage top-down business transformation.
Different size organizations naturally experience different challenges and thus, undertake different approaches to managing their business strategy. Some companies may be in the nascent growth stages, whereas more established Fortune 500 companies are in the sustain phase. A small to medium business may be more entrepreneurial in its approach to business growth and its operations are often much more lean and agile. A global company may employ a more structured strategic management model, due to its greater size and scope of both business.
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Source: http://filipinamarry.com/2011/mckinsey-publication-business-strategy-in-against-industry-forces/
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