Testing the quality of your strategy o does your

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-Testing the quality of your strategyoDoes your strategy fit with what's going on in the environment?oDoes your strategy exploit your key resources?oWill your envisioned differentiators be sustainable?oAre the elements of your strategy internally consistent?oDo you have enough resources to pursue the strategy?oIs your strategy implementable?
-RememberoIntegrated, mutually reinforcing set of choices that form a coherent wholeoCan make sense retrospectively but real power is looking at current shiftsBe wary of ‘outcome bias’i.e. “it turned out fine in the end”.oPast performance should not be used as an indicator for future performanceContext is keyCritically evaluating whether this is the best decision, right now.oStrategy is not staticoContexts, organizations, or strategy are not staticoYou must have feedback loops and performance measurement built into thestrategy itselfNot enough to measure at the end.You need to purposely create processes for evaluation“How quickly can we know what is/is not working?”Make sure you know what to do in case your strategy is not workingSometimes you get it wrong.Be aware of the ‘sunk cost fallacy’-LimitationsoCorrect usage of the strategic diamond demands correct use of each andevery other analysis.oLike every other frameworkwe produce only a snapshotRemember that the only constant, is change.Strategy must evolve and be dynamicoCan lead to excessive rigidityoThink carefully about how long your strategy is valid for.10 years? 5 years? 6 months? 1 week?Industry dependentoFeedback loops and revision not embedded in the modelo
WEEK 7ENTREPRENEURSHIP ANDINTRAPRENEURSHIPLECTURE SLIDESMegatrends-Large, transformative processes with ‘global reach, broad scope, and a fundamentaland dramatic impact’-Empowering individualso400m connected in 2000, 3.2b in 2015oAlways on, anywhere, personalized nature of social mediaoRise in experiential consumptiono$5.67tr in socially responsible investments in 2014Understanding entrepreneurship-Entrepreneursomeone who starts their own business, often involves seeing a newopportunity-Intrapreneuran employee within a large company who takes direct responsibilityfor turning an idea into a profitable new product, service, business etc.-Essential act is new entryoAccomplished by entering new or established markets with new or existinggoods or servicesoLaunching a new venture, by a start-up firm, through an existing firm, or via‘internal corporate venturing’oUnderlying central concept-Richart Cantillioneconomist and writeroEssay on the Nature of Trade in GeneraloProliferated the idea of entrepreneurshipoEntrepreneurs buy at certain prices in the present and sell at uncertain pricesin the future-Forms of entrepreneurshipoEntrepreneurinnovator who implements change within markets throughthe carrying out of new combinationsoIntroduction of a new good or quality thereofoIntroduction of a new method of productionoOpening of a new marketo

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Term
One
Professor
Hitchcock
Tags
Business

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