19 minutes | Feb 6, 2020

What is strategy?

Defining and executing strategy is one of the most important tasks of a leader. In this episode, I explain what strategy is, what it isn't, and how it differs from other concepts such as operational excellence. I talk about two principles you can apply when developing your strategy: the Blue Ocean strategy and mission-driven strategies. Furthermore, I explain how you can analyze your company's situation or develop a new strategy by using a simple SWOT analysis or the more sophisticated business model canvas. .fusion-tabs.fusion-tabs-3 .nav-tabs li a.tab-link{border-top-color:#f1f2f2;background-color:#f1f2f2;}.fusion-tabs.fusion-tabs-3 .nav-tabs{background-color:#ffffff;}.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link,.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link:hover,.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link:focus{border-right-color:#ffffff;}.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link,.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link:hover,.fusion-tabs.fusion-tabs-3 .nav-tabs li.active a.tab-link:focus{background-color:#ffffff;}.fusion-tabs.fusion-tabs-3 .nav-tabs li a:hover{background-color:#ffffff;border-top-color:#ffffff;}.fusion-tabs.fusion-tabs-3 .tab-pane{background-color:#ffffff;}.fusion-tabs.fusion-tabs-3 .nav,.fusion-tabs.fusion-tabs-3 .nav-tabs,.fusion-tabs.fusion-tabs-3 .tab-content .tab-pane{border-color:#ebeaea;}ResourcesTranscriptSubscribeOther episodesResources Blue Ocean Strategy Thomas W. Malnight, Ivy Buche and Charles Dhanaraj 2019: Put Purpose at the Core of Your Strategy (Harvard Business Review) Alexander Osterwalder and Yves Pigneur (2010): Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers SWOT analysis Transcript [00:00:48] This will be another solo episode where we will talk about strategy. Now, leadership has many facets, but obviously one of the most important ones is to work with strategy, define it, implemented, evaluated. That's what leadership is about. This is not a topic that we can cover entirely in just one podcast episode. [00:01:15] So we will get back to this. It should probably a number of times over the course of this podcast in the future. Recently, I had to run a one-day workshop here at Frankfurt School on strategy, so it was a good opportunity for me to refresh some of the things and I thought it might be a good idea. To put that into a little podcast episode. [00:01:37] So let's, let's get started with what strategy is and what it isn't. And a lot of these things, they go back to what could be called the guru office strategy. Michael Porter, he's a professor at Harvard Business School, and he has developed many of the ideas that underlie, we understand, ask corporate strategy today, and all the things I will mention. [00:01:59] Don't [00:02:00] worry, I will put them in the show notes. So you don't have to worry about missing some of the information. If you want to read more about different things, everything will be in the show notes. So let's start with a little bit of a definition of what strategy is. Now. If you imagine a company, maybe you're a company or any other than you can imagine it as being a set of different. [00:02:24] Activities, lots of different activities at make obvious enterprise. So you're producing something. You will have production elements, cars or other parts. You will have marketing and sales. You will have general administration. You will have research and development. And so on and so forth. Different things. [00:02:46] And depending on the size and the complexity of your organization, those activities may be many, many, many. And you could map them in a activity map and you can show the connections between those elements. Here we get to the fundamental difference between strategy and other things such as operational effectiveness. [00:03:07] And when we're talking about effectiveness, and we're talking about.
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