From the course: Assessing and Improving Strategic Plans
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Failing to diversify initiatives
From the course: Assessing and Improving Strategic Plans
Failing to diversify 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…
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