How to be a marketing strategy formulation process and implementation planning star
Dear Founder,
Do you want to take a leap to outcompete your competition with strategy development approaches helping our select the best suitable course of action to meet your organizational objectives and vision to pivot fast?
Before Covid_19 struck, what contingency plan had you built into every link of the value chain of your business to ensure survival its survival?
Did you realize that you had to reimagine your post-pandemic business strategy?
You are focusing on rotten ruses that seduce you with the promises of magnificent money-making opportunities. I wish I had more time with you.
Are you already exhausted and getting tired of strategy formulation processes even before the week begins?
How do I know this? Because my team and I understand business owners have their own set of challenges to deal with.
Of course, nothing is going right. Let’s see if we can tap into an inspiration to rekindle the fire right now!
Eye-opening strategy formulation process statistics
45% of nearly 800 executives reported that their strategic planning processes failed to track the execution of strategic initiatives.
McKinsey
11% of ‘best strategy executors’ say there is no specific method or process by which lessons learned are fed back into strategy formation, versus 37% of other companies.
29% of ‘best strategy executors’ have C suite executives feeding insights gained for the initiative into the strategy-making/implementation process, versus just 13% of all other respondents
~ PMI
7 business breakoffs every stealth entrepreneur should know
You will not need a management study guide to understand the steps involved in the strategy formulation process, planning, decision -making and implementation after reading this blog post.
"A strategy is necessary because the future is unpredictable."~ Robert Waterman.
To set the record straight, first arm yourself with a list of all your resources and a complete financial plan so that you are ready to establish the most appropriate action to take today.
But first,
- Covid_19 is here to stay
- ‘Internetpreneurs‘, ‘digitalpreneurs‘, ‘cryptopreneurs‘ and technologically empowered ‘-preneurs‘ are mushrooming world over and taking over
- Brick and mortar outlets are getting replaced despite the advantages of face to face interaction
- G20 signed off on 15% global minimum corporate tax (effective in 2023🙃)
- Even the Federal Reserve is actively working on a central bank digital currency (CBDC) and some prototypes are near completion
- Google and other big American tech firms do not want to pay tax on digital services
- An attempt to revamp the tax haven blacklist in February 2021 proved disappointing
Helpful tips for successful strategy formulation process
How do you explain an example of a strategy formulation process to a five-year-old?
Roman Emperor Marcus Aurelius, the Stoic philosopher would say,
Nothing has to go right today for you to act with honor and character.
How do think only positive thoughts in the midst of all these disruptions? This is may not be the answer at such a time as this.
Aurelius advises,
When you wake up in the morning, tell yourself: The people I deal with today will be meddling, ungrateful, arrogant, dishonest, jealous, and surly.
They are like this because they can’t tell good from evil.
Are you on a mission to do the impossible with your enterprise? How do you battle with reality and make mindset adjustment to thrive with your turnkey business strategy(ies)?
But I have seen the beauty of good, and the ugliness of evil, and have recognized that the wrongdoer has a nature related to my own—not of the same blood or birth, but the same mind, and possessing a share of the divine.
We were born to work together like feet, hands, and eyes, like the two rows of teeth, upper and lower. To obstruct each other is unnatural. To feel anger at someone, to turn your back on him: these are obstructions.
How laughable your mindset is. You expected the world to provide no obstructions while your mind was filled with obstructions.”
-Roman Emperor Marcus Aurelius, A Stoic philosopher Meditations (A.D. 121–180)
What “faux pas” are actually okay to make with your strategy formulation process in operations management? Have you been making poor choices, too? Shouldn’t you be wise to avoid them?
How to make better choices your business will love
How do you communicate your company’s basic strategy themes effectively across the whole organization?
Do you know what questions to ask?
Ask questions contained in the essential elements of the strategy formulation process.
The three essential elements of strategy formulation planning work are:
a) Strategic Intent
b) Strategic Assessment
c) Strategic Choice
As a reminder, refer to the strategy formulation process diagram below that summarizes the steps that give direction in the firm in relation to the other actions involved in the strategic management model:
Strategic intent
This is the driver of the strategy process.
You first answer the question ‘Where do we want to go?’
Without an underlying intent, your strategy will lack an overall sense of direction. There would be no reason to choose one direction rather than the other.
In strategic intent, you are concerned with the end and purpose of your enterprise. You combine a vision of the future with the intent to make that vision a reality.
The vision goes beyond defining the future products or services that your firm will produce to conceiving how your enterprise will operate as an entity, what its values will be and what it will be like to work in. Therefore, strategic intent combines vision with the will and the means to make the vision become reality.
Strategic assessment
Using the necessary knowledge about the strategic context, you assesses both the outside world and the relative capabilities of your enterprise.
The role of strategic assessments is to anchor future strategies in reality – addressing the question ‘Where are we now?’
Strategic assessment relates strategies to the present. You assess both the internal and external aspects that affect your business.
Business strategy formulation process timing
- External assessment: You are concerned with changes in the business environment that will, in turn, affect the business, in addition to changes in the industry, plus the activities of competitors.
- For internal assessment you pay attention to the internal resources, capabilities, and competencies of your enterprise and stakeholders – especially employees and the sum total potential to meet future needs of the business.
Strategic assessment combines analysis with judgement. Here, we relate the focus of the analysis to testing potential judgment. Analysis, alone, tends to give undue weight to what can be readily measured, and thus, can distort judgement.
Good assessment leads to the conviction that you have achieved a balanced understanding of the context and the issues to be resolved. The conviction comes partly from emotional commitment and partly from the support of your sound analysis.
Strategic choice
It is the stage that links the strategy process to action, and addresses questions like
‘Which options will we choose for getting where we want to be from where we are’ in other words?’
‘How do we get where we intend to go?’
Actions must result from the strategic process.
Terms everyone in the strategy formulation process industry should know
Is it eight or three elements of the strategy formulation process aspect?
Definitions of Strategic Choice
- Choice and strategic choice refer to the process of selecting one option for implementation. Option is a course of action that appears possible to take, the simplest form of choice being; taking an option and not taking it.
- A strategic option is a set of related options (combining options for product/markets and resources) that form a potential strategy. For instance, it might be an option to enter a new market in a new country. The entry to that market with a chosen method of distribution and known way of acquiring necessary distribution of resources would become a strategic option because of a complete business plan of how to enter the new market successfully.
- Chosen strategy is the strategic option that has been chosen. The nature of the chosen strategy forms the content of strategy.
There are suggestions to use five or eight elements of strategy formulation, but these three are the most critical.
How do you get hired in the strategic formulation process field?
You must answer the following set of questions faster than we are asking them because the strategic position for a company, and their goals is represented by internal and external factors.
Can you evaluate the enterprise’s strategic competitive position using Porter’s Five Forces model, an external model key in evaluating the competition in an industry? That is:
- Threat of new entrants
- Bargaining power of suppliers
- Bargaining power of buyers
- Threat of substitute products or services
- Existing industry rivalry
Do you know how to use the the Five Forces model by Porter to research on the organization and answer the following questions?
- Which of Porter’s Five Forces should be of the highest priority and why?
- Which of Porter’s Five Forces should be of a lower priority and why?
- What can the business do to maintain or improve its strategic competitive position?
Are you able to apply the internal SWOT model to describe the internal strengths, weaknesses, opportunities, and threats for strategic planning of the company?
- What are the topmost internal core competencies of the company?
Can you link the dots of the internal and external factors that flows from the analysis to guide the business and offer proper direction?
Now, go put this into practice!
What about the strategy formulation process tips for your business?
There, you have it.
Are there secrets about strategy formulation process and methods you have learnt today?
Which is the best business plan framework for formulation of your enterprises’ strategy?
On your way to success, you go past failure.
That’s enough about the key strategic questions and elements of the strategy formulation process for today.
What about you? Don’t go it alone.
Oh! Who are we kidding? Coronavirus impacted the world at an unprecedented level.
Get the most of ThExtraordinariOnly’s business plan framework for formulation of your business strategy when drop us an email to take you to a safer place.
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Do not to miss out on the next post in the Solid Strategic Formulation Process series titled: ‘Levels of Strategy (Part 3)‘
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Published studies on strategic formulation planning
- Macmillan H. & Tampoe, M. (2000), Strategic Management: process content and Implementation , Oxford University Press
- Strategic Management and Business Policy: Towards Global Sustainability (pg. 2), by T. Whellen and D. Hunger, 2012, Upper Saddle River, NY: Pearson.
- The Transformation 20: The Top Global Companies Leading Strategic Transformations https://www.innosight.com/insight/the-transformation-20/
Citation
- https://www.sixdisciplines.com/Resources/TheSixDisciplinesBlog/ArtMID/1492/ArticleID/90/Strategy-Execution—The-Scary-Statistics
- https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/successful-transformations
- http://www.slideshare.net/SpeculandRobin/strategy-implementation-survey-results-2012
- http://www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/why-good-strategies-fail-report.pdf/
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Help out a business
Use these hashtags when sharing ThExtraordinariOnly strategy formulation process blog post. That is: #businessbranding #entrepreneurship #strategicplanning #startupbusinesssuccess #smallbusinessgoals #whatinspiresme
Adapted from ThExtraordinariOnly Company page on LinkedIn here https://www.linkedin.com/pulse/3-key-strategic-questions-elements-strategy-formulation-/
