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The Strategy Book – Book Review The strategy book by Max McKeown is an excellent book for managers or leaders in general to read and follow in order to create a unique strategy for their business. The strategy book includes examples of strategies that were previously constructed and followed by small, medium and large companies. The book gives readers the chance to know the strategies that were employed by different types and sizes of business and how successful they were. These real life cases are what make the book so interesting and informative. The book is divided into different parts that inform the readers about formulating and then following the appropriate strategy. The unique thing about the book that makes it stand out from the …show more content…
It tells a layman business person or a person interested in setting up a business soon that a strategy is about planning for the future. It is to plan the future in a way that makes it easy for the managers to set up objectives and for the employees to follow those objectives (McKeown, 2012). The book gives examples of successful business persons and how they made their business strategy when they came into the business field. There are examples of people, who found success instantly, and there are also examples of business persons who struggled at first, but then after reshaping the strategy they were able to effectively conduct their business. It is very helpful for new entrepreneurs to know about these strategies so that they could also learn and implement it in their …show more content…
He believes that leaders and managers should be flexible with their strategies (McKeown, 2012). The author states that it is not always the best option to copy the competitor and his strategy. What is good for one business might not always be good for the other even if they are producing identical products. Lastly, the strategies can be changed. If a business person believes that a strategy constructed ten years ago is not conducive anymore then, it can be altered or completely changed according to where the business stands in the present. In conclusion, the strategy book by Max McKeown is a very informative book for people who are about to set up a business or are finding it hard to formulate a business strategy. The book is a very good guide for people who think about the mission and why they are entering the industry. It also helps them understand how and where they want to be in the future. The book helps to make strategies on the distinct mission and vision of leaders and managers also looking at cases of some of the popular companies in the
In Cynthia Montgomery’s the book “The Strategist”, she explains that becoming a strategist is an essential component of a leader, and this book provides a strategic framework where it is easy to understand. Throughout the book, she emphasizes that a good strategy starts with a strategic leadership, a compelling purpose, and a system of value creation, and she believes that a leader and a strategist in inseparable. I agree with this because a leader guides the company to find its purpose and mission, and this is what a strategist is good at as well. Therefore, a leader should be a strategist who apply strategic management in its corporations or organizations. Throughout the book, Montgomery illustrates many real life examples regarding to the importance of strategy plays in the success of a business, such as Masco’s failure in its expansion through furniture manufacturing. She also emphasizes that a strategist or a leader must understand the purpose of a company exist in order to success. Then, she analyzes practical models such as five forces to help the reader understand how these model connect to strategy as a whole. Her “Strategy Wheel” framework is a viable tool that could help the business leader in developing their strategies. Through many business cases that Montgomery explains such as Masco, Ikea, Walmart and Gucci, these cases are an excellent
Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
Wit, BD & Meyer, R 2010, Strategy: process, content, context : an international perspective, Cengage Learning EMEA, London.
Ted Baker is a public for Profit Company that is in that deals with apparel. The company is a multinational company with various branches in different countries and its headquarters in the United Kingdom. The industry the company operates in is the apparel industry. Ted has various stores that have an international presence. There are 185 stores in Europe, Canada, and the USA has 97, Asia and Middle East have 64 and Australasia have nine concessions and stores. Strategic planning is essential in the efficient running and direction of activities to meet set objectives. Strategies that company uses are mostly the “means by which the” company “achieves its objectives” (Morden, 2007). The strategy was further defined by Mintzberg (1987) as consisting of five Ps, which are perspective, plan, pattern, and positioning. Perspective, in this case, is the basic idea or concept and how it is executed, plan directs or guides the activities in an organization strategically; the pattern is the way decision-making is done in a consistent manner and position entails the company’s placement in a competitive environment. Economists have used game theory, which was used by the Chinese in battle planning, strategically. They have developed economic principles using the game theory. Strategic management follows the same technique that is used in
The strategy which leaders employ is a beneficial tool to reach the organization’s goals. A strategy is similar to a game plan. A strategy is an action plan created to achieve goals or a vision (Jovanov...
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
The American management scientist Joey Ross says a organization without strategy is like a ship without rudder. All its activities are calf round. Corporate strategy, defined by Michael E. Raynor, is a long-term plan of an company that aimed at creating and capturing its value in a specific product market. Vision and mission are two significant parts of the strategy. In short, the vision can be defined as “How to formulate a corporate strategy” and the mission can be defined as “How to implement that corporate strategy”. According to Tim Hannagan, corporate strategy is concerned with the range of a company’s activities in terms of whether this company focus on one part of the business activity or whether it concentrates on many. For example, Tesco, as a food retailer, it mainly sales food and sometimes clothes as well. However, recently Tesco moves into financial services. Moreover, strategy is concerned as a “bridge” or a tool. It matches the resources and the company’s capabilities to itself and finds out the possible opportunities to achieve the business goal. Therefore, Tim Hannagan regards corporate strategy as a strategic planning, “which is concerned with establishing a competitive advantage, sustainable over time, not simply by tactical manoeuvring but by taking an overall long-term perspective which directly influence line management”. Corporate strategy is based the current situation of the company and influence the company’s future. This essay will critically analyse the advantages of developing an effective corporate strategy in 2014 in terms of enterprise resource management, market share and manufacturing capacity. Competitive advantage also takes a significant part in this...
Thompson, A.A., Strickland, A.J., & Gamble, J. E. (2010). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases: 2009 custom edition (17th ed.). New York: McGraw-Hill-Irwin
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
Northcentral University’s –Executive Concepts in Business Strategy (2011) defines strategic management as “the process by which a firm manages the formulation and implementation of a strategy” (p. 1628). A strong strategic management plan involves 9 key elements: 1) Marketing 2) Workforce and operational management 3) Organizational Structure 4) International operations 5) Financial Accounting Management 6) Compliance and Legal Considerations 7) Internal control and evaluation 8) Information technology 9) Leadership. These elements are essential to not only establishing a firm business plan but revisiting and restructuring the details of this plan often will prove pertinent to longevity of the business.
Do you know how to come up with competitive, successful business strategies for your company as a management? As the world changes constantly and unpredictably, competitive strategies are of great significance to the survival of a company among fierce competition, because the fact remains that every organization in a certain industry works hard to satisfy their customs as well as possible. In the Futurics article” Business Strategy”, Vu (2007) focuses his attention on essential features of a successful strategy and methods of developing and maintaining a competitive advantage. Vu’s conclusion of competitive business strategies associated with dynamic and flexibility, the comparison between the resource-based view and the industrial organization
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.
Developing and designing the strategy is the work of ideal management or ideal administrators. However they are required to keep the style of this strategy into a perfect shape with some energy as well (Argote, L., Turner, M. E., & Fichman, M. 1989). Powerful options are necessary to identify those goals and aims that are set by the very best organization. ‘Essential to ideal achievements is seeking the appropriate management with the appropriate capabilities within the correct places at the appropriate periods to recognize desired viable consequences’
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.