Do you believe you have numerous strategic choices available to you?
This article asks whether you believe you have numerous strategic choices available to you. It is written by Babette Bensoussan of Mindshift as part of her rather splendid Monday motivation series. A weekly article on competitive intelligence, life and executive coaching. She has written several fine books on competitive analysis, focusing on how to do it rather than theorising about the subject.
Simple but powerful
What struck us about her words is that they initially appear very simple. But thinking about them makes you realise how powerful they are. Incredibly insightful from her years talking to real businesses. And getting a complicated message across as simply as possible is critical for competitive intelligence professionals. Business school students should also take note of these six strategies.
So over to Babette and her thoughts on the six strategies to choose from
Over the years of working with numerous executives in small, medium and large businesses and quasi-government organisations across many industries, I have learnt that there are really only a limited number of strategies for a business to address.
In fact, there are only six strategies to choose from. These are:
Current market = sell existing products and/or services to existing customers.
Current market = acquiring new customers in your existing markets.
Current market/new market = developing new products and/or services to serve your existing market.
New market = enter new geographic or demographic markets.
Disruption = challenging and changing industry mindset, values, systems or processes in your current markets.
Disruption/new market = opening up new markets altogether.
As these are your only options, then the key is how you execute your strategy.
I am sure that many of you have done some studies, read on this topic, or even experienced the successful and unsuccessful execution of business strategies, so this month, I am going to pose you with a question:
What advice would you give to help a business grow, as this advice served you?
Feel free to answer this question directly to Babette on action@mindshifts.com.au
Do you believe you have numerous strategic choices available to you?
In conclusion, this article asked whether you believe you have numerous strategic choices available to you. It was written by Babette Bensoussan of Mindshift as part of her rather splendid Monday motivation series, and it cleverly explained that only six strategies are open to businesses.
More information on Babette, her activities and her books please go to her website www.mindshifts.com.au
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List of Basic Competitive Intelligence Actions to do
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