Every business operates in an environment where multiple factors are affecting its success. In other words, businesses do not exist in isolation and there are things they cannot control. Hence, every business should constantly analyze how these external factors might affect its operations and act accordingly. To do this, a framework called PESTEL analysis comes...
Identifying and focusing on the unique benefits is crucial to stand out from the competitors. However, every market is rapidly getting crowded with new players most of which have similar offerings. Even if it is getting harder and harder to achieve, you must find an aspect of your business that is superior to your competitors...
Every company tries to create a competitive advantage via its resources. However, sustaining a competitive advantage, in the long run, requires a strategic assessment of your company’s resources. VRIO Framework provides you a simple but smart method to evaluate the capabilities of your company’s resources in creating sustainable competitive advantage. What is the VRIO Framework?...
Positioning is your brand’s position in the minds of customers and prospects. By definition, at the end of the day, positioning is determined by how customers perceive your brand – compared to other brands in the same market. Thus, you should focus on how customers see your brand relative to your competitors. In this article,...
In our previous articles, we emphasized the importance of understanding your customers to put your brand in a unique position. Customer Journey allows you to understand what customers experience and feel while interacting with your brand. Empathy Mapping helps you understand what your customers are feeling, thinking, doing, and saying. In this article, we will...
To keep your strategy working in hard times, you have to address its weaknesses in good times. Robert Simons, a professor in Harvard Business School, determined seven critical questions that you need to ask to spot your strategy’s weaknesses. As Simons states in HBR Nov. 2010 issue, “The questions may seem obvious, but the choices...
Game Theory in a Nutshell Game theory examines decisions of rational players based on the outcomes of adopted strategies for each player. In a competitive environment, companies can benefit from game theory to determine optimal strategy subject to expected competitive moves. Prisoner’s Dilemma and Nash Equilibrium Two key concepts will help you figure out how...
In our previous articles, we mentioned various tools from Blue Ocean Strategy and analyzed their benefits. In this article, we will talk about another tool called “Sequence of Blue Ocean Strategy”. As can be understood from its name, rather than being a unique tool, it shows in which order you should be applying the Blue...
Our previous articles on Blue Ocean Strategy were aimed at providing you with the tools necessary to formulate an overall strategy: An Introduction to Blue Ocean Strategy How to Create New Markets? Six Paths Framework Three Tiers of Noncustomers Buyer Utility Map Price Corridor of the Mass These tools were helpful in making competition irrelevant...
In our previous article, we analyzed a tool for portfolio optimization: BCG (Growth Share) Matrix. It analyzed the portfolio of products or business units in two aspects: market attractiveness and long-term profitability. In this article, we will explain the GE – McKinsey Matrix. It is designed for a similar purpose as BCG Matrix: Portfolio optimization...
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