continuous improvement, empowerment, change management, and the so-called learning organization. And bit by bit, almost imperceptibly, management tools have taken the place of strategy. Managers have learned to reject such false trade-offs.
What is a strategy?
Definition and meaning
Topic 18: What is strategy?
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Focused competitors thrive on groups of customers who are overserved (and hence overpriced) by more broadly targeted competitors, or underserved (and hence underpriced). A company may have to change its strategy if there are major structural changes in its industry. Through incremental additions of product varieties, incremental efforts to serve new customer groups, and emulation of rivals activities, the existing company loses its clear competitive position. A number of approaches can help a company reconnect with strategy. While operational effectiveness is about achieving excellence in individual activities, or functions, strategy is about combining activities. Vanguard ties its employees bonuses to cost savings.
Rapid restocking, moreover, reduces the cost of implementing the Gaps short model cycle, which is six to eight weeks long.3 Coordination and information exchange across activities to eliminate redundancy and minimize wasted effort are the most basic types of effort optimization. Operational effectiveness includes but is not limited to efficiency. A sound strategy is undermined by a misguided view of competition, by organizational failures, and, especially, by the desire to grow. In Toyotas case, customers rebelled, and the company quickly dropped the new model. B Porter, Michael.