Wednesday, October 31, 2012

Reinventing Strategy: Northing to fear


We began discussions in t his class by defining what is meant by the term strategy. In its origin, many of our historical examples come from military events, which remained the primary model of approach as large businesses began to be developed.  In class, we defined Strategy as “the creation of a unique and a valuable position, involving a different set of activities, and creating a fit among those activities”. Armed with this definition I took on the readings of the first couple of weeks and began to add to my understanding and acceptance of the term.
To add: Strategy is:
-       Best defined by those for whom the work will be executed
-       Meant to prepare a business, team or similar entity to carry out a task as best they can
-       Not developed in isolation. Instead, tradeoffs and future steps need to be taken into account, determined from an initial set of goals
And finally,
-       Is not finite, must be adaptable. As people grow, so will a company. Strategies can and must shift to accommodate growth and current trends.

It is specifically this last point as well as the article about reinventing before it is too late that catch and hold my attention. I decided to look into the process of reinvention and examine a successful model. I decided to look into Domino's Pizza (primarily because I’ve seen 3 commercials in the last half hour alone- I take this as a sign). The marketing approach for Domino’s is intense and extensive, showing their full commitment to their recipe reinvention, which could not be easy to admit a need for or to carry through. As a result, they had an impressive quarterly gain almost immediately in spite of an overall drop in pizza sales. Their success was in great part due to their marketing strategy – an honest one.
As an often-frustrated consumers, I wonder why more businesses don’t undertake the process of reinvention. Even subtle changes in some industries could result in much improved new customer experiences. Reinvention begins with a new way of doing things; it is really just innovation through evolvement. 
So, how can we move companies past the fear of change in order to allow for growth and advancement in order to improve current models and customer experience?

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