What Are The Principles Of Strategy?

What are the 6 steps in the planning process?

The six steps are:Step 1 – Identifying problems and opportunities.Step 2 – Inventorying and forecasting conditions.Step 3 – Formulating alternative plans.Step 4 – Evaluating alternative plans.Step 5 – Comparing alternative plans.Step 6 – Selecting a plan..

What is the meaning of strategic positioning?

A company’s relative position within its industry matters for performance. Strategic positioning reflects choices a company makes about the kind of value it will create and how that value will be created differently than rivals.

What are Porter’s four competitive strategies?

Porter called the generic strategies “Cost Leadership” (no frills), “Differentiation” (creating uniquely desirable products and services) and “Focus” (offering a specialized service in a niche market).

What are the 4 principles of customer service?

The 4 Principles of Exceptional Customer ExperienceBeing Where Our Customers Are. The first driving principle is providing contextual in-product help whenever possible. … Making It Easy to Find Answers Fast. … Consistency and Compassion. … Closing the Loop.

What are the 3 levels of strategy?

The three levels of strategy are:Corporate level strategy: This level answers the foundational question of what you want to achieve. … Business unit level strategy: This level focuses on how you’re going to compete. … Market level strategy: This strategy level focuses on how you’re going to grow.

What are the different levels of strategy making?

Strategy can be formulated at three levels, namely, the corporate level, the business level, and the functional level. At the corporate level, strategy is formulated for your organization as a whole. Corporate strategy deals with decisions related to various business areas in which the firm operates and competes.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

What are the 4 main customer needs?

There are four main customer needs that an entrepreneur or small business must consider. These are price, quality, choice and convenience.

What are strategic principles?

A strategic principle is defined as a memorable and actionable phrase that condenses a company’s strategy that is communicated throughout the organization (See the illustration below). The purpose of this paper is to describe how a strategic principle is created and used to help companies maintain strategic focus.

What are the 5 steps in strategic planning?

The 5 Steps of the Strategic Planning ProcessDetermine your strategic position.Prioritize your objectives.Develop a strategic plan.Execute and manage your plan.Review and revise the plan.

What is strategic planning process?

Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you’re going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you’ll use to reach them.

What is the best definition of strategic positioning?

Strategic Positioning Definition Strategic positioning is concerned with the way in which a business as a whole distinguishes itself in a valuable way from its competitors and delivers value to specific customer segments (Wickham, 2001: 230).

What are the 4 types of customers?

The four primary customer types are:Price buyers. These customers want to buy products and services only at the lowest possible price. … Relationship buyers. … Value buyers. … Poker player buyers.

What are the four types of strategy?

4 Levels of Strategy-Making / 4 Types of Strategic AlternativesCorporate level strategy.Business level strategy.Functional level strategy.Operational level strategy.

What are the 10 principles of customer strategy?

10 Principles of Customer StrategyMaster the art of the possible. … Know your customers at a granular level. … Link your company’s customer strategy to its overall identity. … Target customers with whom you have the right to win. … Treat your customers as assets that will grow in value. … Leverage your ecosystem. … Ensure a seamless omnichannel experience.More items…•

What are the three key principles underlying strategic positioning?

It means, according to Porter, “performing different activities from rivals, or performing similar activities in different ways.” Three key principles underlie strategic positioning: Strategy is the creation of a unique and valuable position, which emerges from three sources: few needs, many customers – broad needs, …

How do you create a strategy?

Developing Your Basic Strategic Plan DocumentWrite Your Mission Statement. … Write Your Vision Statement. … Write Your Values Statement. … Conduct an External Analysis. … Conduct an Internal Analysis. … Identify Strategic Issues. … Establish Strategic Goals. … Develop Staffing Plan.More items…

What are the 5 strategies?

They stand for Plan, Pattern, Position, Perspective and Ploy. These five components allow an organisation to implement a more effective strategy. A strategy is aimed at the future, concerns the long term and involves different facets of an organisation.