08/09/2023
Book overview:
The Current market space is changing at a very high pace and so competitive that business owners and managers must endeavor to position themselves strategically in their product developing processes to reduce costs, increase their sales values, increase in profitability, increase in market share in order to maximize their shareholding wealth through carefully selected strategies. You can not use yesterday’s technology in today’s fast-changing business world and expect to succeed in tomorrow’s volatile markets. Strategic information systems (SIS), robotics or artificial intelligence (AI) have come to stay and businesses should leverage them. The myriad opportunities and threats around you must pep up your strengths and weaknesses to formulate, analyze and execute a bespoke strategy in the environment (market/industry).
Not every opportunity is for every individual (organization), hence the optimal utilization of a person’s talents or an organization’s assets has always been critical to success and this concise strategic management book is here to guide you in your quest to scan environments, conduct SWOT and PEST/PESTEL analysis and adopt strategies that fruit distinctive advantage, thereby ensuring sustainable growth.
Strategy is an action-word and having a good strategy alone as a document on your corporate desk is not a panacea for corporate failure unless it is carefully executed.
To survive in today’s competitive business environment is hard, becoming the leader in the market which you operate as a business has been harder and after you have been able to make it to the top in your industry, it even becomes the hardest thing for you (the company) to sustain because that is when you become the “success-ball” that everybody (customers, existing rivals and new entrants, suppliers, distributors and even your own “employees” etc) wants to “play”; remember PEST.
The day that you will tolerate a degree of “complacency” and not manage your organization in a more strategic manner will be the “alpha” of the “omega” of your business. Never rest!!! To achieve all these, remember R&D as a powerful tool that will aid you in knowing and having very sound insights into what you, your rivals and the industry at-large have experienced, are experiencing and more importantly what is probable or about to occur in the future. Hence, with a sound R&D, you will know your customers’ preferences and your competitors’ next “moves” so you always plan, create and deliver value that beats the minds of the “industry”. By so doing, you (the company) become(s) like the man who says “before you think it, I have thought it” and “before you though it, I had done it”!!!