Things Every Business Graduate Should Know 5 Strategy Model
Are business strategies important? You are right if you answered yes. Business strategies are important because they provide businesses with a sense of how they are performing. It helps them take a closer look at their organizational capabilities. Today’s business graduates help organizations develop strategies that are sustainable in the long run. They apply their university knowledge in innovating the businesses. Strategic management studies can create a great difference.
Keeping this in mind, Lafley and Martin, in their book “Playing to win”, wrote a 5 point strategy model. Business graduates can follow these models to plan long term and sustainable success of their organization. This article will cover the key concepts and questions to address at each stage of this model.
5 Point Strategy Model
The CEO of PhD dissertation writing services said that the Lafley and Martin models contain simple five questions to answer. Once you answer these questions, you will have a clear strategy model in front of you. These five points cover a very diverse range of questions and concepts. In this guide, we will explore the question in detail. These questions are;
1. What Is Our Winning Aspiration?
Winning aspiration is related to the vision statement of a business. It is a measure of how much will a business show to develop. The business strategies are then based on the level of will. If your business is about making money like other businesses, you will make strategies related to this. So, determining your aspiration is the basic step, i.e. what do you want from your business? But making money is too generic to start your strategy. You have to need out of the box.
To think out of the box, you need business graduates from universities. Those graduates with new and fresh ideas will help you in determining your true aspiration. In fact, I should say the winning aspiration. Making money is a short term plan. Did you think about the next five years? What will your company look like? Hence, this is where business graduates will help you the most. With the new knowledge and updates of businesses, they will develop new winning strategies according to your aspirations.
2. Where Will We Play?
The second most important you will ask yourself while making a strategy is, “where will you play.” Your play area will tell you the model which you should adopt. If you are going to play in technology, you should be aware that giants are already present there. The tech joints like Apple, Samsung etc. So, it is very important to circle your play area. Then it will be a lot easier for you to make a strategy.
Now, how business graduates can help you with this? They will tell you about new trends in the market. As described earlier, you are the only one in the market. Your competitor is also present in the market. So, the university students help the organization in the development of secret strategies to surpass their competitors.
3. How Are We Going To Win?
After deciding on the above two questions, the process of making a strategy starts. You probably noticed how these questions flow with each other. The response to this is dependent on the choices of the above questions. Whichever are you have decided to play in, you will have competitors. Now you need to work on the ways which you should adopt to stay one step ahead. Sometimes, people want an effective product or service.
Business graduates will assist you most in this part. They can conduct surveys on the people who are using services of such area. According to the dissertation writing service firm, for example, you chose mobile manufacturing to play in. Now, you have to make a strategy that will distinguish you from others. This strategy will be about offers that only you are offering exclusively. Hence, the business graduates will prove to be very beneficial.
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4. What Capabilities Will We Need?
Now, when you have your strategy at hand, you will need to review your capabilities. Your capabilities should be as little as your competitor. For example, your winning strategy is lowering the prices of your products. Now, you need to think that do you have the capabilities to do that? It would help if you questioned yourself, do we have the ability to produce at a lower price. If your quality is your edge which makes you superior to your competitor, how will you ensure this?
Business students will then assist you again in this. They will be the ones suggesting ways that you can follow. Following those, you will be able to lower your prices while ensuring the same quality. They ensure that there lies an alignment in the decision made and what is realistically possible to do. Hence, capabilities are the most important things.
5. What are Management Systems Required to Support Our Choices?
You made a strategy. What next? The next is ensuring that you have the right people for the job. It would help you if you had management measurement tools. These tools help you measure your progress towards your goal. An organization must ensure the assembling of a strong leadership team that can carry out the plans. Management systems or programs are the backbones of an organization.
Once again, business graduates who are excellent managers too will assist you in this regard. Leadership and managerial skills both combined will bring success to you. They will be working towards the same goals. With their skills, there is a strong chance that goals will be met.
This was all about Lafley and Martin 5 point strategy model. If you can answer all the above 5 questions, you will end up with a great strategy model. With the help of expert business graduates, success is guaranteed. After answering the five above questions, you are on the way to developing a way better strategy than your competitors. Hence, Lafley and Martin’s model is a good model to develop unique strategies.