Ten Essential Strategic Insights




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Ten Essential Strategic Insights


 

It is coming to the end of the Australian fiscal year and many organisations are focused on achieving their 2018 targets and setting new targets for the next fiscal year.  In a recent posting from MindShift reminded me of the Michael Porter strategic insights.  There are 10, listed below.  A good reminder as we go into planning for next fiscal year (in Australia) or mid-year review if you are on a January to December timeline.

 

 

Porter’s essential strategic insights are:

 

 

1. The granddaddy of all mistakes is competing to be the best, going down the same path as everybody else and thinking that somehow you can achieve better results.

 

 

2. Confusing marketing with strategy.

 

 

3. Overestimating strengths.

 

 

4. Getting the definition of the business wrong or getting the geographic scope wrong.

 

 

5. The Worst mistake: Not Having a Strategy at all.

 

 

6. Not addressing the hidden biases embedded in internal systems, organizational structures and decision-making processes.

 

 

7. Companies undermine their own strategies.

 

 

8. Strategy killers in the external environment.

 

 

9. If you listen to every customer and do what they want you to do, you can’t have a strategy.

 

 

10. Single-minded pursuit of shareholder value, measured over the short term, has been enormously destructive for strategy and value creation.

 

 

Comments by Mary Sue Rogers


 

 

Posted on : 2018/09/06





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