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Designing a Competitive Business Model and Building a Solid Strategic Plan

Designing a Competitive Business Model and Building a Solid Strategic Plan. Intellectual Capital. Human Capital Structural Capital Customer Capital. Strategic Management.

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Designing a Competitive Business Model and Building a Solid Strategic Plan

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  1. Designing a Competitive Business Model and Building a Solid Strategic Plan

  2. Intellectual Capital • Human Capital • Structural Capital • Customer Capital

  3. Strategic Management Developing a game plan to guide a company as it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off its desired course.

  4. Building a Competitive Advantage Competitive advantage the aggregation of factors that sets a small business apart from its competitors and gives it a unique position in the market that is superior to its competition.

  5. the key is ………………………………..sustainable competitive advantage

  6. Building Sustainable Competitive Advantage Capabilities Superior value for customers Lessons learned Core Competencies Sustainable competitive advantage Skills

  7. Developing a Strategic Plan • Use a short planning horizon-2 yrs or less • Be informal, use shirtsleeve approach • Encourage participation of others • Do not begin with setting objectives • Maintain flexibility-conditions change too fast • Focus on strategic thinking, not planning • Planning will be an ongoing process

  8. The Strategic Management Process • Develop a clear vision-translate into mission • Assess companies’ strengths and weaknesses • Scan the environment-opportunities and threats • Identify key factors for success • Analyze competition • Create company goals and objectives • Formulate strategic options and select • Translate strategic plans into action plans • Establish controls

  9. Vision Statement The result of an entrepreneur’s dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone else to see • Provides direction • Determines decisions • Motivates people

  10. Mission Statement What business are we in? • What are we in business to accomplish? • How are we going to accomplish that purpose? • What principles and beliefs form the foundation of the way we do business?

  11. Strengths and Weaknesses • Strengths-positive internal factors that a company can use to accomplish its mission, goals and objectives • Weaknesses-negative factors that inhibit the accomplishment of a company’s mission, goals, and objectives

  12. Opportunities and Threats • Opportunities-positive external options that a firm can expect to exploit to accomplish its mission, goals, and objectives • Threats-negative external forces that inhibit a company’s ability to achieve its mission, goals, and objectives

  13. Key Success Factors The factors that determine a company’s ability to compete successfully in an industry

  14. Analyze the Competition • Competitive intelligence • Competitor analysis • Competitive profile matrix • Knowledge management-the practice of gathering, organizing, and disseminating the collective wisdom and experience of a company’s employees for the purpose of strengthening competitive position

  15. Create Company Goals and Objectives • Goals-the broad, long-range attributes a business seeks to accomplish, tend to be general and sometimes abstract • Objectives-more specific targets of performance, commonly addressing areas such as profitability, productivity, growth, and other key aspects of business

  16. SMART Goals • Specific • Measurable • Assignable • Realistic • Timely

  17. Formulate Strategic Options/Select Strategies Strategy-a roadmap of the actions an entrepreneur draws up to fulfill a company’s mission, goals, and objectives • Cost leadership • Differentiation • Focus

  18. Cost leadership-a strategy in which a company strives to be the lowest-cost producer relative to its competitors in the industry • Differentiation-a strategy in which a company seeks to build customer loyalty by positioning its goods and services in a unique or different fashion • Focus-a strategy in which a company selects one or more market segments, identifies customers’ needs, wants, and interests, and approaches them with a good or service designed to excel in meeting those needs, wants and interests

  19. Translate Strategic Plans into Action Plans • Divide into projects • Assign priorities to them • Implement top priority projects

  20. Establish Controls Balanced scorecard-a set of multidimensional measurements that are unique to a company and that incorporate both financial and operational measures to give managers a quick yet comprehensive picture of a company’s overall performance

  21. Balanced Scorecard • Customer perspective-How do customers see us? • Internal perspective-At what must we excel? • Innovation perspective-Can we continue to improve and create value? • Financial perspective-How do we look to shareholders?

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