A good strategy balances your investments in a diversified way. You might find you've placed too many bets in a concentrated area. Whether it's focusing too much on a geography, a product, a customer, or a technology, putting too much emphasis in one area at the expense of others can lead to catastrophe if the bet doesn't pay off. Adjust your initiative portfolio regularly based on market trends and performance of other initiatives.
- A good strategy balances your investments…in a diversified way.…You might find you've placed too many bets…in a concentration area.…That's a problem.…Whether it's focusing too much on one geography,…one product, a single customer, or a technology,…putting too much emphasis in one area…at the expense of others can lead to catastrophe…if that one big bet doesn't pay off.…Adjust your initiative portfolio regularly…based on market trends…and the performance of other initiatives.…
I worked with one R&D group…that was focused on R&D globally.…They balanced their entire portfolio of initiatives…across long term and short term.…They also looked at domestic and international…and having the right mix of initiatives there.…And they also looked at initiatives…related to product and process…to see if they had a balance of R&D projects…that drove either of those objectives…because all of those objectives,…domestic and international,…long term and short term,…and product and process,…were strategic objectives they had laid out…
- Identify common failure points in a strategic plan.
- Explain how to align compensation with strategy.
- List indicators of underfunding your strategy.
- Describe behavior that can harm strategy execution.
- Define strategic filters.
- Explain how to react to major shifts in your customer's market.
- Identify key metrics for assessing strategy.