Business strategy includes the areas of corporate strategy, marketing and brand strategy, sales strategy, as well other areas of strategic thinking. Within growth strategy, we include both normal business growth and inorganic growth, namely mergers and acquisitions. Marketing strategy and sales strategy are usually discussed in unity, but are completely different in nature. Business strategies are is often done within an annual strategic planning environment, typically conducted in a 2-3 day off site conference space with management and key personnel, both within and outside the organization. Sales strategy includes distribution strategy, direct sales strategy, and business development. Marketing strategy includes advertising strategy, go-to-market strategy, as well as Internet strategy.
The way business leaders evaluate and analyze strategy within that of modern business organizations has been shaped by military strategists since 400BC when Sun Tzu wrote the Art of War. Sun Tzus thoughts about the factor of terrain, in todays business landscape, translates to markets, industry structures, value propositions, and Porters Five Forces. Sun Tzu hinted at indirect business strategies when he said winning without fighting is the pinnacle of skill on the battlefield. Sun Tzu wrote the Art of War, which has been adopted into a business strategy book. In Sun Tzus Art of War, he spoke about several fundamental factors in military strategy and each of these factors can be directly translated to terms of business strategy.
Today, there are two primary schools of thought around strategic management. In organizational configuration, the organization engages in behaviors based on adoption to business surroundings. Mintzberg proposes for an organization, bottom-ups approach to drive strategy development that adheres to organizational configuration. Mintzberg also advocates a transformation of business processes, where management recognizes the need and has the ability to manage complete business operational transformation.
A critical exercise used in strategic planning is scenario planning analysis. An important task in the scenario planning framework is choosing the primary axes of uncertainty within the context of a scenario map. Oftentimes, the scenario planning process is performed in a workshop environment, where decision makers, executives, subject matter experts, and third party consultants, are gathered in a 3 day off-site conference to decide on various future state situations. Scenario planning techniques is also called scenario thinking and scenario analysis. Scenario planning is used to help businesses plan for and make flexible future estate business plans.
Business strategy development has evolved through 5 key phases since the early 1900s. Today, the strategic development theme is on integrating strategic planning and execution with a stress on the primary notions of core competencies, strategy planning and execution, and balance scorecard analysis. Much of corporate strategy is also hinged on ideas in the 1970s, where the focus was around thinking strategically to beat competition and the business frameworks of alternative strategies, portfolio analysis, and the BCG Growth Share Matrix were actively used for the first time. Changes to strategic mindset represent an ever evolving, emerging thought leaders, and emergence of disruptive technologies and changes. Business strategy development started with a focus on financial planning in the 1950s, moving to long-term business planning in the 1960s, to strategic planning in the 1970s and eventually to a focus on strategic management in the present day.
To create a robust business strategy, organizations all must conduct strategy development that starts with a collective set of beliefs around its business positioning and existing strategic challenges. Proper strategy development involves more than a focus on maximizing profitability. Strategy is about value creation, strategy is about focus, and strategy is about flexibility. The next steps, on a high level, include defining what the future state vision of the organization is and then going into the details of planning how to get to that state. In order to understand your strategic challenges, you must begin with a comprehensive current state understanding of your situation.
Business Strategies
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