COMM5010 When Strategy meets the Problem
When Strategy meets the Problem
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COMM5010
Week 2 – When Strategy meets the Problem
What did we
talk about
last week?
The world of work
Megatrends
Future Proofing Businesses
Impacts of these generally and
strategically
Megatrends are long-term, fundamental shifts in consumer behaviour.
They tell you how your customers’ values, priorities and preferences are (and continue)
evolving, which inform their lifestyle and consumption choices.
Their characteristics can overlap and intersect—
even be contradictory at times.
Megatrends often transcend economic fluctuations but significantly shape market direction,
competitive landscapes, purchase habits and profit.
To understand trends, you need to understand
the drivers
Generally accepted megatrends
Climate
Change
Demographic
Change
Geopolitical
Instability
Technological
Acceleration
The
business
that fails
is that
which
Does not know its strategy
Does not know who their customers are, what
they want or need
Forgets stakeholders are wide and have impact
Doesn’t consider their decisions and actions with
ethics in mind
Cannot innovate in a disruptive manner
What is Strategy
• You have 5 mins to explore
what you already know
about strategy
• There is a difference
between strategy and plans
• What is this?
Strategy
versus
Plans
Strategy is…How you will
decide
Plans are…How you will
implement the strategy
What is your
business
about?
What is it truly good at?
What are the core capabilities?
Who are the customers?
How will you reach them?
If it doesn’t
align to the
strategy
Don’t DO IT
Revisit your strategy
Yesterday’s hero is
tomorrow’s normal
The differences
between…
The differences between
Strategic thinking,
Hard facts based
Data and knowledge
Megatrends
Questions assumptions
Look for indirect and unexpected à
Microfractures
Unwilling to expend resources
The
differences
between
Strategic planning, allocates and controls resources,
more immediate, product trends on current data
Strategic sweet spot, meeting customer needs in a
way your competitors cannot
Generic strategies ( Porter, McKinsey, three horizons)
Tools like SWOT and PESTLE
Specific strategies - HR, marketing,
internationalisation etc
Porter’s
generic
strategy
Pair and
Share
A company that fits in each area
McKinsey 3
horizons
Are you in a team for
your group assignment
• Use the signup sheet on Moodle
• 3-4 in a team
• Our client will be here next week
• The wikis will be set up next week
• Your group MUST work in the wiki
For Next Week
• Look at the resources on Moodle for week 3
• Watch them, read them, make notes about them
• Come to class ready to explore them
Where are you at
•Stop
•Take a Breath
•Observe
•Proceed