Strategic options, Strategic options
Add, change or remove a competitive strategic options on your Strategy Canvas learn more. Develop options which flow directly from the insights in your SWOT analysis see below.
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For a portfolio of businesses or products, use a BCG Analysis learn more or a Pareto Analysis learn more to understand and develop your options for shaping the portfolio.
Ask people for ideas see below.
Developing options from the insights in your SWOT analysis Weaknesses: Strengthen your capability or acquire the resources Partner with some who is strong at it Avoid it by focusing on customer segments who value it less highly Discount opportunities strategic options rely on it Strengths: Find other products, services or customer segments which rely on it Promote it to your customers Target customers who prize it most highly Opportunities: Invest in building and using related strengths Position and promote yourself as a leader in the field Conceal your intentions so that competitors are strategic options aware of the opportunities Threats: Exit or de-emphasis directly affected markets Capitalise on a competitor's weaknesses in this area Seek to neutralise it Look especially for examples where your strengths play into opportunities.
And take evasive action where your weaknesses most expose you strategic options threats.
Don't forget to just ask people In addition to using the other techniques, don't forget the simplest one of all: just ask people what they think you could or should do. You could ask colleagues, customers, strategic options, suppliers, and, of course, professional consultants.
Strategic option - CEOpedia | Management online
When strategic options so, it is best to follow the brainstorming guidelines of suspending judgement of those ideas until later. Here are some tips to ensure your options allow for real choice. Don't just stop once you've found an option you like.
ACCA SBL - Strategic Choices
If you'll do, you'll never know if the next option would not have been even better. Work through the full range of options.
- Financial internet investments
- Foreign binary options
- In this chapter we consider the main strategic options which are open to the firm in pursuit of its objectives.
- Strategic controlling Strategic option is one of several solutions of specific task or objectives of the organization.
This will help to ensure you're making the really tough calls to differentiate yourself in the market, and not simply executing as many of the ideas as you can. For example: Airline brands must typically choose to position themselves as either 'discount' or 'premium'.
By eliminating meal options, discount airlines can reduce flight turnaround times and costs well beyond the cost of the meals themselves.
However, this would deter premium customers. Far from being a limitation, such mutually exclusive options are strategically valuable.
Hobson's choice creates the illusion of choice by positioning one option as the only alternative to either doing nothing or failing. I've seen strategic options do this when they only really have one option see tip 1. For example: We must replicate a competitor's last move or lose market share. Instead, ask: What else could you do strategic options retain and even grow market share? Strategy is a pattern of decision making, rather than a number of decisions made independently of each other.
To discuss your business critical issue
Grouping options into themes can help to highlight those patterns. Some options can be included in more than one theme.
In extreme case, themes can have their online earnings prices vision and mission statements. Values, however, should remain consistent across all the options and themes.
Suspend judgement until the end Resisting the temptation to judge options as either good or bad too early in the process. This will cloud your judgement. An option which does not appear very good in isolation might be a vital component of a very powerful theme.
Once you're done, you're ready to move on to the next step: How to evaluate and prioritise strategic options.
Which of these do you already use? Which of these do you planning on trying out next? Please share your stories and plans in the comments below.
Image adapted from: marfis75 decisions cc via photopin license Posted by Chris.