How Compelling, Actionable and Attractive is your company strategy?
Strategy is a set of integrated choices that a company makes to position itself in its respective industry, thereby creating a sustainable competitive advantage. These choices are backed by a set of activities or competencies that a company builds and takes to the market, which are unique and cannot be easily replicated by competitors.
While these are the basic principles of an acceptable strategy, the point that is given least attention by executives is ‘how to integrate this strategy with all the company’s stakeholders and make it more compelling and exciting for them’.
A robust strategy not only focuses on external business market, but also simultaneously builds an internal culture by both communicating the strategy effectively across the company and making it more exciting and compelling for its stakeholders to follow and execute.
In summary a robust strategy is,
- Distinctive and unique, that cannot be easily replicated by competitors
- Compelling and exciting for stakeholders to follow and execute
- Achievable with clear targets and milestones
- Sustainable to preserve competitive advantage
Robust Strategy Example: Southwest Airlines
Southwest’s strategy was to create a low-cost carrier service @Jerry Rice Youth Jersey that provided a unique experience to customers and which could not be easily imitated by competitors.This strategy was achievable on paper.With an integrated set of activities, such as:
Southwest was able to make its strategy distinctive. Southwest’s strategy became sustainable as it was hard to @Ezekiel Elliott Womens Jersey imitate for other airline companies who have built competing business models and infrastructure over the years.