{"id":1979,"date":"2020-01-26T15:44:10","date_gmt":"2020-01-26T15:44:10","guid":{"rendered":"https:\/\/www.cmgconsulta.com\/?p=1979"},"modified":"2021-08-08T15:44:22","modified_gmt":"2021-08-08T15:44:22","slug":"3-stages-to-develop-your-business-strategy","status":"publish","type":"post","link":"https:\/\/www.cmgconsulta.com\/3-stages-to-develop-your-business-strategy\/","title":{"rendered":"3 Stages to Develop your Business Strategy"},"content":{"rendered":"
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Strategy is about finding your competitive advantage and using that competitive advantage to win. One way of developing an effective business strategy is made up of 3 key stages:<\/span><\/div>\n<\/div>\n
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Stage 1: Understanding your environment<\/span><\/h2>\n<\/div>\n
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A business operates within an environment. It is crucial to understand how the environment is today and how it is affecting your business. Equally important is trying to anticipate how the environment will evolve and change and how such changes will impact your business. The most popular tools used at this stage are Porter\u2019s Five Forces and PEST Analysis.<\/span><\/div>\n<\/div>\n
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Stage 2: Understanding your own organisation<\/span><\/h2>\n<\/div>\n
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Once you have looked outward at the environment in which a business operates, it is equally important to look inwards at the business itself. It is critical to understand your organisation with its strengths and weaknesses and how it compares with competing organisations.<\/span><\/div>\n<\/div>\n
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Some important tools that can be used to help in understanding your organisation are the Core Competencies Analysis, the Unique Selling Point Analysis (USP) and perhaps the most popular and commonly used is the SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats).<\/span><\/div>\n<\/div>\n
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Stage 3: Evaluating Strategic Objectives<\/h2>\n<\/div>\n
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Once you have assessed the environment and delved deep into the business, this stage involves bringing together the information collected in the first 2 stages and undergoing a process of evaluating potential strategic objectives. Generally speaking, the strategic objectives are based around 3 different approaches to market: <\/span>Cost Leadership, Differentiation and Focus.<\/span><\/div>\n<\/div>\n
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