Even if you have a great understanding of the market, you might pursue the wrong initiatives. Not all ideas are good ideas. You might think a new product or service will be a winner only to find out it doesn't perform as expected. You might pursue initiatives because they're "pet projects" or because of internal politics instead of pursuing something because it's on strategy.
- Even if you have a great understanding of the market,…you might pursue the wrong initiatives.…Not all ideas are good ideas.…You might think a new product or service will be a winner,…only to find out it doesn't perform as expected.…You might pursue initiatives because they're pet projects,…or because of internal politics, and somebody thinks,…hey, this is on strategy when it's really not.…I've seen this a lot of times.…I worked with one organization where the CEO…wanted to do an acquisition.…He wanted to buy this company so badly for a long time.…
The team was always resistant to the idea,…but the CEO spent a lot of team time assessing…this acquisition and figuring out how they could buy it.…Eventually, they went through a rigorous…strategic planning process.…The CEO saw that the acquisition wasn't right…for their strategy.…To his credit, he killed the deal right then.…I worked with another organization where the CEO…wanted to go out, and again, do another acquisition.…He had this strategic rationale, this acquisition…
- 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.