Premium Essay

Can You Say What Your Strategy Is?

In:

Submitted By abaidua
Words 4918
Pages 20
Can You Say What Your Strategy Is? by David J. Collis and Michael G. Rukstad
It’s a dirty little secret: Most executives cannot articulate the objective, scope, and advantage of their business in a simple statement. If they can’t, neither can anyone else. Can you summarize your company’s strategy in 35 words or less? If so, would your colleagues put it the same way?
It is our experience that very few executives can honestly answer these simple questions in the affirmative. And the companies that those executives work for are often the most successful in their industry. One is Edward Jones, a St. Louis–based brokerage firm with which one of us has been involved for more than 10 years. The fourth-largest brokerage in the United States, Jones has quadrupled its market share during the past two decades, has consistently outperformed its rivals in terms of ROI through bull and bear markets, and has been a fixture on Fortune’s list of the top companies to work for. It’s a safe bet that just about every one of its 37,000 employees could express the company’s succinct strategy statement: Jones aims to
“grow to 17,000 financial advisers by 2012 [from about 10,000 today] by offering trusted and convenient face-to-face financial advice to conservative individual investors who delegate their financial decisions, through a national network of onefinancial-adviser offices.”
Conversely, companies that don’t have a simple and clear statement of strategy are likely to fall into the sorry category of those that have failed to execute their strategy or, worse, those that never even had one. In an astonishing number of organizations, executives, frontline employees, and all those in between are frustrated because no clear strategy exists for the company or its lines of business.
The kinds of complaints that abound in such firms include:
• “I try for months to

Similar Documents

Premium Essay

Maaaaaaaaaaaaaaaaaaaaaaaa

...COMMUNICATION: The act or process of using words, sounds, signs, or behaviors to express or exchange information or to express your ideas, thoughts, feelings, etc., to someone else : a message that is given to someone : a letter, telephone call, etc. EFFECTIVE COMMUNICATION: A two way information sharing process which involves oneparty sending a message that is easily understood by thereceiving party. Effective communication by businessmanagers facilitates information sharing between companyemployees and can substantially contribute to itscommercial success. What Is Marketing Communication Strategy? Marketing communication helps to develop brand awareness, which means that consumers translate product information into perceptions about the product’s attributes and its position within the larger market. Businesses also use marketing communication to retain the product’s current customer base, and to cement relationships with customers and suppliers, notes "Reference for Business." Marketing communication strategy defines the business’s plan for product information dissemination and brand awareness development. Components: Design an effective marketing communication strategy with one or more marketing communication components. Advertising allows a business to reach a large audience through mass market or target market appeals. Personal selling enables a company to communicate product benefits directly to the customer, as in a retail setting. Direct marketing permits a...

Words: 1299 - Pages: 6

Free Essay

College Pros and Cons

...Successful Academic Strategies Amanda Zywiec Kaplan University CS121-Pathways Successful Academic Strategies It can be hard to be a successful academic student. There are strategies that each student need to practice and work on. This paper will discuss different strategies for reading, writing, and speaking. Having focus with each category is important to achieve success. There are many different reading strategies that each person has. Some might enjoy reading while others struggle to stay focused. There are different ways of reading strategies such as reading for a short amount of time and taking breaks. You can also take notes while you read so you can review what you have encountered while reading. It is also a good idea to take notes on the text that you do not understand so you can diagnose what is being said. Some people can read quickly and fully understand what the text is explaining, while others will read slow and not be able to comprehend the message. In order to increase reading speed you should try to move your eyes faster, notice and release ineffective habits, and stay flexible (Ellis, 2015). When you move your eyes faster, you tend to see words quickly. It is not necessary to read every word that is in the text, such as and, but, the, etc. Your eyes will focus on the bigger words first. You can release ineffective habits with reading by covering up the words that you have read. You can then note how often you stop and move the card back to reread the...

Words: 1563 - Pages: 7

Premium Essay

Stages of Critical Thinking

...Associate Level Material Stages of Critical Thinking Stages of Critical Thinking Complete the matrix by identifying the six stages of critical thinking, describing how to move from each stage to the next, and listing obstacles you may face as you move to the next stage of critical thinking. |Stages of critical thinking |How to move to the next stage |Obstacles to moving to the next stage | |EXAMPLE: |Examine my thinking to identify problems |Deceiving myself about the effectiveness of| | |that affect my thinking. |my thinking | |The Unreflective Thinker | | | | | | | |The Challenged Thinker |Realizing how important critical thinking |Not thinking through any situation or just | | |plays a role in everyday life |thinking poorly | | | | | |The Beginning Thinker |Practice thinking regularly and control the|Making quick decisions without...

Words: 888 - Pages: 4

Premium Essay

Lalgvd

...perceptual location.  It's where your product or service fits into the marketplace.  Effective positioning puts you first in line in the minds of potential customers. As individuals, we continually position ourselves.  The responsible older sibling, the class clown, a number cruncher, a super genius are all examples of positioning.  These identifiers help us define ourselves and distinguish our abilities as unique and different from other people. Positioning is a powerful tool that allows you to create an image.  And image is the outward representation of being who you want to be, doing what you want to do, and having what you want to have.  Positioning yourself can lead to personal fulfillment.  Being positioned by someone else restricts your choices and limits your opportunities. That's why it's so important for entrepreneurs to transform their passion into a market position.  If you don't define your product or service, a competitor will do it for you.  Your position in the market place evolves from the defining characteristics of your product.  The primary elements of positioning are: * Pricing.  Is your product a luxury item, somewhere in the middle, or cheap, cheap, cheap.    * Quality.  Total quality is a much used and abused phrase.  But is your product well produced?  What controls are in place to assure consistency?  Do you back your quality claim with customer-friendly guarantees, warranties, and return policies?    * Service.  Do you offer the added value of...

Words: 2487 - Pages: 10

Premium Essay

Text

... 2010 I would like to say I know it all, but I do not. There is so much to learn when it comes to communication. Allowing barriers like silence could affect you and the other person involved. Placating will not show the true you. So be careful and do not over exaggerate. Not responding to things that are asked of you, making excuses, so quit playing games. Be involved in situations as much as you can, but if you keep turning it down then you are just secluding your-self from it. Self-concept is very important. Build your-self up, do not allow someone else to bring you down. You need self-control. It will help you think before you speak; which will allow you to say the right things, just be careful. Words are powerful, so be very careful when you respond to any situation. You take in consideration who you are speaking to and the way your tone of voice is when you say it. When someone discloses any information to you about their past, then be empathic to the situation. So in the situation of someone disclosing information, being a good listener will be beneficial to you. Using strategies for active, critical, and empathic listening will help you communicate better. Receive facts to use in the conversation, ask questions about the subject you are speaking about, and be open minded. Supporting each other and life experiences will help you manage conflicts. Do not let gender nor culture come between you and the other person. It could cloud your judgment towards certain situations...

Words: 2995 - Pages: 12

Free Essay

Managment Communication

...truly understand the impact of. Having an open mind to acknowledge the things you do not know and recognizing the things you can improve on are imperative to educational growth. This semester Management Communication which covered how to communicate verbally, and in writing, and pointers to interacting effectively within the business environment. There are three main subject matters that I felt were pearls of wisdom that felt left lasting impressions on me to work harder to do them effectively. The three things I want to work on is managing conflict, effective listening skills, and communication anxiety. One of the sections in the Management Oral Communications that I feel was very beneficial to me is “Managing Conflicts in the Workplace.” Conflict is inevitable and realizing the different conflict types, and strategies; and when and how to use them is important when trying to resolve conflicts. My goal is to be a leader and the ability to recognize conflict, understand the nature of conflict, and to be able to bring swift and jus resolutions to conflict will serve me in the ability to be an effective leader. The inability to do so will prove me as an ineffective leader. There are many steps one must take when choosing the best strategy. I think that avoiding conflict in a business situation is never the best move because avoidance creates more problems. However, in personal situations avoidance can be beneficial to keeping peace especially if the matter is of unimportance or...

Words: 1815 - Pages: 8

Premium Essay

Accounting

...articulate the objective, scope, and advantage of their business in a simple statement. If they can’t, neither can anyone else. Can You Say What Your Strategy Is? by David J. Collis and Michael G. Rukstad Reprint R0804E It’s a dirty little secret: Most executives cannot articulate the objective, scope, and advantage of their business in a simple statement. If they can’t, neither can anyone else. Can You Say What Your Strategy Is? by David J. Collis and Michael G. Rukstad COPYRIGHT © 2008 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. Can you summarize your company’s strategy in 35 words or less? If so, would your colleagues put it the same way? It is our experience that very few executives can honestly answer these simple questions in the affirmative. And the companies that those executives work for are often the most successful in their industry. One is Edward Jones, a St. Louis–based brokerage firm with which one of us has been involved for more than 10 years. The fourth-largest brokerage in the United States, Jones has quadrupled its market share during the past two decades, has consistently outperformed its rivals in terms of ROI through bull and bear markets, and has been a fixture on Fortune’s list of the top companies to work for. It’s a safe bet that just about every one of its 37,000 employees could express the company’s succinct strategy statement: Jones aims to “grow to 17,000 financial advisers by 2012 [from about 10,000 today] by offering...

Words: 5693 - Pages: 23

Free Essay

Capstone

...does this strategy connect my content and language objectives? How does this strategy facilitate my students’ ability to access the content? How does this strategy facilitate my students’ ability to comprehend the mentor text, build essential knowledge, or produce oral or written discourse connected to the content objective? How does this strategy provide comprehensible input for my students? | Lesson Sequence:This week in Science we will learn about tadpoles and frogs. To help us organize our learning, we are going to use a KWL chart. An empty KWL chart will be displayed. The teacher will review the purpose of a KWL chart and then ask the students about what they already know about tadpoles and frogs. The students will turn and talk to discuss with their partner what they already know about tadpoles and frogs. The teacher will then call on one partner to announce what they know. The teacher will fill in the KWL chart with the students telling what they already know about tadpoles and frogs. The class will follow the same procedure discussing what they are wondering about the topic. The second partner will tell the teacher what they were wondering and she will write it on the chart.Mentor Text: From Tadpole to Frog by Wendy Pfeffer will be introduced. The teacher will describe the book as nonfiction and explain that a nonfiction book provides us with lots of information and can help us learn about a certain topic.The students will make predictions about what they think...

Words: 2420 - Pages: 10

Free Essay

Socratic Methods

...The strategy derives its name from the approach used by Socrates as he assumed the role of intellectual midwife. The Socratic approach was built upon the assumption that knowledge was within the learner and proper questioning and commentary could cause this knowledge to surface. Socrates, as instructor, attempted to follow the student's argument wherever it led. The key to the Socratic approach is that the teacher's comments and questions must enable the learners to discover meaning for themselves. In a typical classroom situation, the instructor would use the Socratic approach when the situation arose. It would be necessary for a learner to make a statement, often of a value nature which could be further pursued. The instructor would then enter into a dialogue with the learner, following the argument until the learner had thoroughly questioned the answer and gained some insight into the logic used or the attitudes and beliefs held. Example An example seems almost imperative to further explain the Socratic strategy .The following dialogue finds Socrates awaiting his own trial for impiety (irreverent). He is seeking knowledge concerning piety from Euthyphro, who is supposedly knowledgeable of such matters. Socrates: I know that, dear friend; and that is the reason why I desire to be your disciple. For I observe that no one, not even Meletus appears to notice you; but his sharp eyes have found me out at once, and he has indicted me for impiety. And, therefore, I adjure you to tell...

Words: 1886 - Pages: 8

Free Essay

Essays and Stories

...CHAPTER 4 Promoting Children’s School-Readiness Growth with Academic, Persistence, Social and Emotion Coaching I n the first chapters we have talked about the importance of teachers nurturing their students’ social and emotional growth by promoting positive relationships with their students and their families and by scaffolding a safe classroom learning environment by setting up predictable routines, clear rules, and effective limit setting. These are core teaching strategies that provide the foundation of the teaching pyramid described in Chapter One that supports early school age children’s learning growth and eventual academic achievement. Incredible Teachers: Nurturing Children's Social, Emotional, and Academic Competence. (Excerpt.) ©Carolyn Webster-Stratton 134 Incredible Teachers In this chapter we will discuss another foundational teaching tool; that is, scaffolding children’s learning interactions with peers and teachers with coaching methods that support their school readiness growth, academic success, and social emotional development. This coaching involves using descriptive comments to highlight specific learning skills such as persistence with learning something new, focused activity, cooperation, emotion regulation, and patience. This approach addresses the social, cognitive, emotional, behavioral, and academic elements of children’s school readiness. School readiness implies that students have made significant progress toward...

Words: 18474 - Pages: 74

Premium Essay

Marketing Managment

...BUS-530 Marketing Management (Module 1) Date: 01/04/2011 Muhammad Naeem Sarwar MBA Information Management Module 1: 1) Understanding Marketing Management a) Define the term supply chain. b) What is the task environment? c) What is meant by holistic marketing? d) What is the Product Market Expansion Grid? e) Explain the differences between a strategic marketing plan and a tactical marketing plan. f) Define Market Opportunity Analysis (MOA). A. Define the term supply chain. Supply chain management can be defined as the process of planning, implementing and monitoring the everyday operations of a supply chain Supply chain management is an all encompassing process as it undertakes the management of availability of raw materials, their processing into finished goods and the distributions of the same. The aim of all this is to provide the highest level of satisfaction to the customer and thus increase the business of the company. And with the increasing complexity of the supply chain, supply chain management has also become about coordinating and collaborating with the different trade partners now involved in the supply chain. Supply chain management decisions are made on three different levels- the tactical, strategic and operational levels. Strategic level involves long term decisions while tactical level includes medium term decisions while operational level is concerned with very short term day-to-day...

Words: 3085 - Pages: 13

Premium Essay

Execution

...Similarly, when corporate leaders start understanding how the GE’s and Emerson Electrics of this world are run—how superbly they get things done—they discover how far they have to go before they become world class in execution. Here is the fundamental problem: People think of execution as the tactical side of business, something leaders delegate while thy focus on the perceived “bigger” issues. This idea is completely wrong. Execution is not just tactics—it is a discipline and a system. It has to be built into a company’s strategy, its goals, and its culture. And the leader of the organization must be deeply engaged in it. He can delegate its substance. We talk to many leaders who fall victim to the gap between promises they’ve made and results their organizations delivered. They frequently tell us they have a problem with accountability—people aren’t doing the things they’re supposed to do to implement a plan. They desperately want to make changes of some kind, but what do they need to change? They don’t know. Execution is a specific set of behaviors and techniques that companies need to master in order to have competitive advantage. The Gap Nobody Knows When companies fail to deliver on...

Words: 13367 - Pages: 54

Premium Essay

Marketing Strategies

...practices. Your business may be just beginning this process, while others, already benefiting from incorporating initial, easy-to-apply strategies and procedures, are now prepared to implement the next level to achieve further gains. Modern businesses know how important it is to consider environmental performance as part of their planning and operational procedures. Adopting eco-efficient business practices will not only benefit the environment, but will also improve business operational efficiency and reduce costs. This guide outlines practical measures that can be used to improve eco-efficiency in your fast food business. The first step in improving the eco-efficiency of your business is to establish a baseline for your current practices. This usually involves conducting an eco-efficiency audit. Follow the suggested steps to eco-efficiency for guidance on eco-efficiency improvement. As part of your planning process, you should check your energy and water use, as well as a number of other specific areas shown below. A range of actions to improve efficiency are suggested, including easy, low-cost strategies as well as those that require some investment. Fast food outlets operate air-conditioners, lights, dishwashers and cooking equipment, all of which are energy hungry. Heating water for cleaning also consumes a lot of energy. Implementing strategies that reduce energy consumption, for example, running energy efficient air-conditioners at the most energy efficient settings can reduce...

Words: 10273 - Pages: 42

Free Essay

Advertising

...(living or dead), things, places, or entities, is purely coincidental. There is no connection whatsoever at all. In reading any part of this book, you agree to take no action against this book’s author or any party. You are completely and solely responsible for anything you do, and you will not attempt to link your actions to this book in any way. Advertising for Results is written for entertainment purposes only, so disregard everything in this book, including the so-called advice, recommendations, and statements that something will happen. No part of Advertising for Results may be sold by anyone except the author. You agree to never be compensated for it in any way. If you do not agree with all this, stop reading Advertising for Results now. All copyrights and trademarks belong to their respective owners. Copyright © 2003 by G.F. Brown from Richmond Heights. All rights are reserved. 2 Advertising for Results For my wife. 3 Advertising for Results “It is the dry and irksome labor of organizing precincts and getting out the voters that determines elections.” Abraham Lincoln 4 Advertising for Results Acknowledgments Thanking everyone would almost be a book in itself. It would fill lots of pages, and many excellent people would still be missed. If you have a question about who should be thanked for what, please e-mail gf_brown@yahoo.com. 5 Advertising for Results Table of Contents LEGAL NOTICE.................................................

Words: 45800 - Pages: 184

Free Essay

Politness

...we want. When we are with a group of friends, we can say to them, "Go get me that plate!", or "Shut-up!" However, when we are surrounded by a group of adults at a formal function, in which our parents are attending, we must say, "Could you please pass me that plate, if you don't mind?" and "I'm sorry, I don't mean to interrupt, but I am not able to hear the speaker in the front of the room." I different social situations, we are obligated to adjust our use of words to fit the occasion. It would seem socially unacceptable if the phrases above were reversed. According to Brown and Levinson, politeness strategies are developed in order to save the hearers' "face." Face refers to the respect that an individual has for him or herself, and maintaining that "self-esteem" in public or in private situations. Usually you try to avoid embarrassing the other person, or making them feel uncomfortable. Face Threatening Acts (FTA's) are acts that infringe on the hearers' need to maintain his/her self esteem, and be respected. Politeness strategies are developed for the main purpose of dealing with these FTA's. What would you do if you saw a cup of pens on your teacher's desk, and you wanted to use one, would you a. say, "Ooh, I want to use one of those!" b. say, "So, is it O.K. if I use one of those pens?" c. say, "I'm sorry to bother you but, I just wanted to ask you if I could use one of those pens?" d. Indirectly say, "Hmm, I sure could use a blue pen right now." There...

Words: 552 - Pages: 3