Your Strategy Needs a Strategy: How to Choose and Execute the Right Approach

281 Pages·2015·3.97 MB·English

by  Martin Reeves

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Choose and Execute 22
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the Right Approach 24
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MartiN reeveS : KNut HaaNæS : JaNMeJaYa SiNHa 30
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Harvard BuSiNeSS review PreSS
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BoStoN, MaSSacHuSettS
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13 HBR Press Quantity Sales Discounts
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For details and discount information for both print and
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Copyright 2015 The Boston Consulting Group, Inc.
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No part of this publication may be reproduced, stored in or introduced into a retrieval
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recording, or otherwise), without the prior permission of the publisher. Requests for
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permission should be directed to [email protected], or mailed to Permissions,
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28 The web addresses referenced in this book were live and correct at the time of the book’s
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Cataloging-in-Publication data is forthcoming.
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31 eISBN: 978-1-62527-587-5
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coNteNtS
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cHaPter 1 5
Introduction 1 6
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cHaPter 2
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Classical: Be Big 25
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cHaPter 3 10
Adaptive: Be Fast 57 11
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cHaPter 4
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Visionary: Be First 87
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cHaPter 5 15
Shaping: Be the Orchestrator 113 16
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cHaPter 6
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Renewal: Be Viable 141
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cHaPter 7 20
Ambidexterity: Be Polychromatic 173 21
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cHaPter 8
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Lessons for Leaders: Be the Animator 193
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ePilogue 25
Personally Mastering the Strategy Palette 211 26
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Appendix A: Self-Assessment: What Is Your Approach to Strategy? 215 28
Appendix B: Further Reading 219 29
Appendix C: Multi-Armed Bandit (MAB) Simulation Model 223 30
Notes 227 31
Index 247 32
Acknowledgments 265 33
About the Authors 269 34
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Chapter 1
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IntroduCtIon
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Your Strategy Needs a Strategy
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How to Select and Execute the 14
Right Approach to Strategy 15
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Strategy is a means to an end: favorable business outcomes. When we think 17
about strategy, we tend to think about planning: study your situation, define 18
a goal, and draw up a step-by-step path to get there. For a long time, plan- 19
ning was the dominant approach in business strategy—in both the board- 20
room and the classroom. But effective business strategy has never really 21
consisted of just this one approach. The multidecade plans that oil compa- 22
nies make would feel inappropriate to the CEO of a software firm that faces 23
new products and competitors every day and that therefore adopts a more 24
fluid and opportunistic approach to strategy. Neither would such long-term 25
plans feel natural to an entrepreneur creating and bringing a new product or 26
business model to market. What is this broader set of ways in which we can 27
approach strategy, and which approach is the most effective in which situa- 28
tion? That is the central question of this book, and we will show that getting 29
the answer right can deliver demonstrable, significant value. 30
Today, we face a business environment that is faster changing and more 31
uncertain than ever because of, among other factors, globalization, rapid tech- 32
nological change, and economic interconnectedness. Perhaps less well known 33
is that the diversity and range of business environments that we face have also 34
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