Article 4 - Are You Sure You Have A Strategy? PDF

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Professor Michael Salach - Discussion on Article "Are You Sure You Have a Strategy?"...

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Zachary Rowell September 19, 2018 Chapter #: 2 Chapter Title: Article 2 Are You Sure You Have a Strategy? Summary: This article focused in on “The Five Major Elements of Strategy” and how these five elements are essential to providing a business’ with the right platforms and avenues for success in their chosen field. With the five elements being arenas, vehicles, differentiators, staging, and economic logic, businesses must encompass these five into their strategic planning in order to create a thorough, complete strategy; having even one of the five missing makes an incomplete strategy and one that could lead to unsuccessful business ventures. All five are essential parts, however it can be argued that some might weigh a little more heavily on the success than that of others; differentiators being one that stands out more than the other four as being a primary focal point of success. The differentiators are those that are unique and provide an interesting perspective and outlook on what their product or service might do in the marketplace, begging the question “how will we win in the marketplace”? (50) Even though the other four factors all play a significant role in the business’s success, this is the real distinctive component that gives a firm its competitive edge and competitive advantage over its competitors. Bringing a deliberately different product or service out into the market creates a buzz and provocation of the market, so this factor seemingly sticks out more and reaches a more important level than that of the other four. Also, the differentiator portion outwardly radiates as the central factor of what the strategy is built around for the company at hand, and can play into each important part of the overall strategy, such as the mission, objectives, and strategic analysis aspects that play into the overarching strategy....