Editor's Note: Take a look at our featured best practice, Strategic Planning: Process, Key Frameworks, and Tools (79-slide PowerPoint presentation). This document provides a holistic approach for undertaking strategic planning. While covering the traditional strategic planning approach, the document touches on adaptations that may be used in an unpredictable environment. Contents: 1. Strategic Planning Overview - Key questions and [read more]
How Do We Answer the Fundamental Question of Strategy: Are We Doing the Right Things?
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At its essence, management just seeks to answer 2 fundamental questions:
- Are we doing things right?
- Are we doing the right things?
The first question is addressed through Operational Management. Operational Management frameworks include Total Quality Management (TQM), Six Sigma, Business Process Re-engineering (BPR), among numerous other Lean Six Sigma tools.
The second is addressed through Strategic Management.
The bulk of this article has been removed by the request of the author of this framework.
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
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About David TangDavid Tang is an entrepreneur and management consultant. His current focus is Flevy, the marketplace for business best practices (e.g. frameworks & methodologies, presentation templates, financial models). Prior to Flevy, David worked as a management consultant for 8 years. His consulting experience spans corporate strategy, marketing, operations, change management, and IT; both domestic and international (EMEA + APAC). Industries served include Media & Entertainment, Telecommunications, Consumer Products/Retail, High-Tech, Life Sciences, and Business Services. You can connect with David here on LinkedIn.
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