Business Strategies and Frameworks (Part 1)

Synopsis

Over the years, the business world has developed numerous frameworks to analyze issues, structure thought processes, articulate feedback, set goals and develop a blueprint for success. Our Business Strategies and Frameworks (Part 1) contains the most popular, proven frameworks. Together, they make a valuable toolbox to help you apply the content, diagrams and graphs to your next project and overachieve.

Questions and answers

What are some future trends in business frameworks?

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Some future trends in business frameworks could include a greater emphasis on sustainability and social responsibility, increased use of data analytics, more focus on innovation and agility, and the integration of artificial intelligence and machine learning technologies.

How can these frameworks be used to improve business performance?

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These frameworks can be used to improve business performance by providing a structured approach to problem-solving, goal setting, and strategic planning. They can help in analyzing issues, articulating feedback, and developing a blueprint for success. By applying these frameworks to your projects, you can enhance your decision-making process and achieve better results.

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Slide highlights

Use this slide for Value-Based Management (VBM) – the management philosophy and approach that allows and supports maximum value creation in businesses, normally the maximization of shareholder value.

The strategic triangle (3C's) allows you to establish the competitive position of the venture. It's based on the idea that competitive advantage is defined by the ability to deliver better value to customers at a lower price than competitors.

Overview

This deck includes the following business strategy frameworks: Strategic dialogue, Blue Ocean Strategy, Value Disciplines, Porter's Five Forces Analysis, Value-Based Management, Market Attractiveness Business position Assessment (MABA) Analysis, Six Sigma, Roadmapping, Big Hairy, Network Analysis, Value Stream Mapping, EFQM, Curry's Client, Branding Pentagram, Baldrige Excellence, 3C Strategic Triangle, Strategy Development Model, Hierarchy of Needs, Industry Cost Curve, VRIO Analysis, Opportunity/Vulnerability, Cause-and-Effect-Diagram, APQC Framework, Six Steps to Kaizen. Toyota Production System, Five Learning Disciplines and 5C Marketing Analysis.

Questions and answers

What are the potential challenges in implementing these business strategy frameworks?

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The potential challenges in implementing these business strategy frameworks could include: understanding the complexity of each framework, ensuring alignment with the company's goals and objectives, securing buy-in from all stakeholders, allocating sufficient resources for implementation, and measuring the effectiveness of each framework.

How can these business strategy frameworks be adapted to different industries?

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Business strategy frameworks can be adapted to different industries by understanding the unique characteristics and needs of each industry. This involves analyzing the industry's competitive landscape, customer behavior, market trends, and regulatory environment. The framework should then be tailored to align with these factors. For instance, the Value-Based Management framework can be adapted to a manufacturing industry by focusing on strategies that increase operational efficiency and reduce costs, while for a service industry, the focus could be on improving customer service and enhancing customer value.

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Application

With such an abundance of strategic frameworks to choose from, it's easy to get overwhelmed with options. Harvard Business Review (HBR) recommends using a "strategy palette" when navigating different options and choosing a framework based on the strategic environment. The five strategy environments, according to HBR, are:

1. Classical – classical approach to strategy assumes that the world is predictable, that the basis of competition is stable and that advantage, once obtained, is sustainable. Given that the business leaders have no control over their environment, they seek to position themselves optimally within it based on superior size, differentiation or capabilities.
2. Adaptive – adaptive strategy is used when the business environment is neither predictable nor malleable. "When prediction is hard and advantage is short-lived, the only shield against continuous disruption is a readiness and an ability to repeatedly change oneself. In an adaptive environment, winning comes from adapting to change by continuously experimenting and identifying new options more quickly and economically than others," the experts say.
3. Visionary – a visionary approach assumes that an environment can be created or re-created by the business itself. Although the environment may appear uncertain to others, visionary leaders win by being the first to introduce a revolutionary new product or business model.
4. Shaping – when the environment is unpredictable but malleable, the extraordinary opportunity to lead the shaping or reshaping of a whole industry (before any rules have been defined or tweaked) arises. Such an opportunity requires collaboration with others because one venture can't shape the industry alone and needs others to share the risk with and develop the new market quickly before competitors catch up.
5. Renewal – the purpose of the renewal strategy is to restore the vitality and competitiveness of a venture when it finds itself in a harsh environment. In this case, you need Crisis Management frameworks.

Case study

American Express and Six Sigma

American Express (AmEx) started its Six Sigma journey with a pilot initiative back in 1998, and by 2001, Six Sigma became part of the Global Reengineering initiative and was integrated more and more into the company. In 2004, Six Sigma projects were responsible for nearly half the benefits from reengineering activities at AmEx, according to high-tech B2B media firm, iSixSigma.

Questions and answers

How has AmEx implemented the Six Sigma framework in their product development and reengineering efforts?

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American Express (AmEx) has implemented the Six Sigma framework in their product development and reengineering efforts by using it to reduce errors in existing processes and to build quality from the start in product development. The company executives believe that the Six Sigma framework supports their commitment to quality and to achieving best-in-class economics. They have leveraged and will continue to employ Six Sigma methodologies to achieve ongoing reengineering benefits throughout the organization. In fact, in one year, approximately $500MM of the identified reengineering benefits were attributable to their Six Sigma efforts, as stated by AmEx's former Executive Vice President and Chief Financial Officer, Gary Crittenden.

What are some case studies that demonstrate the effectiveness of the Six Sigma framework in reducing errors?

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One notable case study is that of American Express (AmEx). The company uses Six Sigma to reduce errors in existing processes and applies it in product development to build quality from the start. The company executives believe that the Six Sigma framework supports both their commitment to quality and to achieving best-in-class economics. They have leveraged and will continue to employ Six Sigma methodologies to achieve ongoing reengineering benefits throughout the organization. In fact, in one year, approximately $500MM of the identified reengineering benefits were attributable to their Six Sigma efforts, as stated by AmEx's former Executive Vice President and Chief Financial Officer Gary Crittenden.

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AmEx uses Six Sigma to reduce errors in existing processes and applies it in product development to "build quality from the start." The company executives believe that the Six Sigma framework supports both their commitment to quality and to achieving best-in-class economics. "We have leveraged and will continue to employ Six Sigma methodologies to achieve ongoing reengineering benefits throughout the organization. In fact, this year, approximately $500MM of the identified reengineering benefits are attributable to our Six Sigma efforts," AmEx former Executive Vice President and Chief Financial Officer Gary Crittenden said about the framework.

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