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Turning Strategy Into Action

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By Bob Caporale

Visit: https://www.sequentlearning.com/webinars/item/turning-strategy-into-action-using-product-line-strategies-to-drive-your-or

Most companies intuitively know the importance of having a clear strategy to drive the success of their businesses, but when it comes to actually developing those strategies at a product line level and turning them into actionable plans, companies sometimes fall short.

At the core of this issue is the basic question: "What exactly is a strategy?"

Often times, companies will confuse strategy with actions, making it impossible to establish the clear and critical linkage between the two. Strategy provides the context for effective action plans, and it is essential that companies and, in particular, product managers, understand the relationship between the two.

In this webinar, we will explore the all-important topic of what a good strategy looks like and, more importantly, how we can turn this strategy into a best-in-class action plan that will serve to bind cross-functional teams together and enable companies to achieve measurable successes for their products and services in the marketplace.

Veröffentlicht in: Business
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Turning Strategy Into Action

  1. 1. ©2013 Sequent Learning Networks Webinar: July 2013 “Turning Strategy Into Action: Using Product Line Strategies to Drive Your Organization’s Success” Presenter: Bob Caporale
  2. 2. ©2013 Sequent Learning Networks • Currently serves as President of Sequent Learning Networks and the Product Management Executive Board • Over 20 years experience in Product Management, Marketing, and Strategic Development • Held President/General Manager positions and executive level positions in Product Management, Marketing, Engineering and R&D for large (>$2B) global corporations • Specialties & Accomplishments: • General and business unit management • Corporate acquisitions, integrations, line extensions, and divestitures • Strategic planning, presentation, and communication • Product launches and post-launch product life cycle management • Contact: • bcapo@sequentlearning.com • http://linkedin.com/in/bobcaporale Bob Caporale www.SequentLearning.com +1 (212) 647-9100
  3. 3. ©2013 Sequent Learning Networks Sequent Learning Networks ORGANIZATIONAL DIAGNOSTICS TRAINING AND ADVISORY SERVICES TOOLS AND RESOURCES Mission: To Elevate the Skills and Capabilities of People in Product Management and Marketing To Improve Organizational Effectiveness, Systemically and Holistically, so that Companies can improve the Success of their Products in Chosen Markets Contact: SequentLearning.com +1 (212) 647-9100 www.SequentLearning.com +1 (212) 647-9100
  4. 4. ©2013 Sequent Learning Networks Product Management Books by Steven Haines Join in the discussions on LinkedIn! www.SequentLearning.com +1 (212) 647-9100 www.sequentlearning.com/steven-haines-books.php or Visit Amazon.com or your book reseller to get your copy today
  5. 5. ©2013 Sequent Learning Networks What Is Strategy? • From BusinessDictionary.com: • From Merriam-Webster’s Online Dictionary: (1) : the science and art of employing the political, economic, psychological, and military forces of a nation or group of nations to afford the maximum support to adopted policies in peace or war (2) : the science and art of military command exercised to meet the enemy in combat under advantageous conditions strat·e·gy 1. A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. 2. The art and science of planning and marshaling resources for their most efficient and effective use. strategy www.SequentLearning.com +1 (212) 647-9100
  6. 6. ©2013 Sequent Learning Networks Military Analogy • From the Online Etymology Dictionary (www.etymonline.com): 1810, “art of a general,” from French stratégie, from Greek strategia “office or command of a general, “ from strategos “general,” from stratos “multitude, army, expedition,” literally “that which is spread out” + agos “leader,” from agein “to lead”. strategy • OBJECTIVE: To win the battle • VARIABLES: • Your strengths and weaknesses • Your enemy’s strengths and weaknesses • The battlefield, terrain, and environment • STRATEGY: • Process the variables and come up with a plan to achieve the objective • TACTICS: • The steps you take to execute the plan T R A N S L A T I O N www.SequentLearning.com +1 (212) 647-9100
  7. 7. ©2013 Sequent Learning Networks Game Analogy • From Wikipedia (referring to Game Theory) “In game theory, a strategy refers to the rules that a player uses to choose between the available actionable options.” strategy • OBJECTIVE: To win the game • VARIABLES: • Your strengths and weaknesses • Your opponents’ strengths and weaknesses • The field of play and environmental conditions • STRATEGY: • Process the variables and come up with a plan to achieve the objective • TACTICS: • The steps you take to execute the plan T R A N S L A T I O N www.SequentLearning.com +1 (212) 647-9100
  8. 8. ©2013 Sequent Learning Networks What Does It All Mean? Establish an objective Size up the variables Develop a plan to achieve the objective Execute on the plan www.SequentLearning.com +1 (212) 647-9100
  9. 9. ©2013 Sequent Learning Networks What Does It All Mean? Establish an objective Size up the variables ANTICIPATE WHAT MIGHT HAPPEN Develop a plan to achieve the objective Execute on the plan www.SequentLearning.com +1 (212) 647-9100
  10. 10. ©2013 Sequent Learning Networks Tactics The actions we will take to execute the strategy Strategy How we will achieve the objective Applying Strategy to Business Goal The objective that we want to achieve www.SequentLearning.com +1 (212) 647-9100
  11. 11. ©2013 Sequent Learning Networks Tactics The actions we will take to execute the strategy Strategy How we will achieve the objective Applying Strategy to Business Goal The objective that we want to achieve www.SequentLearning.com +1 (212) 647-9100
  12. 12. ©2013 Sequent Learning Networks Example Goal: • To grow sales of laptop computers Strategy: • In order to grow sales, we want to create a laptop to replace desktop computers Tactics: • Move the DVD drive to the front • Move the power button from under the lid • Allow easier access for ports “Strategy provides the context for action.” www.SequentLearning.com +1 (212) 647-9100
  13. 13. ©2013 Sequent Learning Networks • A clear strategy helps companies to achieve a desired outcome • A clear strategy rallies teams around a common goal and around a common plan to achieve that goal • A clear strategy allows employees to see the “big picture” and to better understand why certain actions are taking place • A clear strategy empowers teams to develop effective action plans • A clear strategy inspires teams to win! The Importance of Having a Clear Business Strategy www.SequentLearning.com +1 (212) 647-9100
  14. 14. ©2013 Sequent Learning Networks Survey Question #1 How well do you know the strategy of your company? a) I am fully aware of and can formally recite my company’s strategy. b) I directionally understand my company’s strategy, but I cannot recite it formally. c) I believe that my company has a strategy, but I am not aware of what it is. d) I do not believe that my company has a formal strategy. www.SequentLearning.com +1 (212) 647-9100
  15. 15. ©2013 Sequent Learning Networks Developing a Business Strategy “Essentially, developing a competitive strategy is developing a broad formula for how a business is going to compete, what its goals should be, and what policies will be needed to carry out those goals.” - Michael E. Porter www.SequentLearning.com +1 (212) 647-9100
  16. 16. ©2013 Sequent Learning Networks Strategic Context for Product Management www.SequentLearning.com +1 (212) 647-9100
  17. 17. ©2013 Sequent Learning Networks Strategic Context for Product Management www.SequentLearning.com +1 (212) 647-9100
  18. 18. ©2013 Sequent Learning Networks A Strategic Framework for Product Managers Product Price Promotion Place Strategy Tactics Goal Customers Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  19. 19. ©2013 Sequent Learning Networks Applying the Strategic Framework • STEP 1: Establishing the Goal • STEP 2: Developing the Strategy • STEP 3: Building the Tactics • STEP 4: Ensuring the Foundation is in Place • STEP 5: Execution – Turning Strategy Into Action! www.SequentLearning.com +1 (212) 647-9100
  20. 20. ©2013 Sequent Learning Networks STEP 1: Establishing the Goal Product Price Promotion Place Strategy Tactics Goal Customers Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  21. 21. ©2013 Sequent Learning Networks STEP 1: Establishing the Goal • Understand where you are on the life cycle curve • Establish high level objectives: • Introduction: Grow market share • Growth: Grow revenue and profitability • Maturity: Maintain market share and maximize profitability • Decline: Reduce costs and maintain profitability • Exit: Migrate customers • Ensure that your goals are in line with overall corporate objectives www.SequentLearning.com +1 (212) 647-9100
  22. 22. ©2013 Sequent Learning Networks STEP 2: Developing the Strategy Product Price Promotion Place Strategy Tactics Goal Customers Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  23. 23. ©2013 Sequent Learning Networks A good strategy: • Helps you to achieve your vision • Helps you to differentiate from your competitors • Helps you choose what not to do, as much as what to do • Will drive cross-functional team behaviors on a daily basis • Can be communicated in 3-5 bullet points It’s all about anticipating the moves of: The Market The Competition The Industry STEP 2: Developing the Strategy www.SequentLearning.com +1 (212) 647-9100
  24. 24. ©2013 Sequent Learning Networks STEP 3: Building the Tactics Product Price Promotion Place Strategy Tactics Goal Customers Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  25. 25. ©2013 Sequent Learning Networks STEP 3: Building the Tactics Sports Analogy Anticipate Strategize Choose Your Plays Game Analogy Anticipate Strategize Choose Your Moves Business Application Anticipate Strategize Choose Your Actions www.SequentLearning.com +1 (212) 647-9100
  26. 26. ©2013 Sequent Learning Networks STEP 4: Ensuring the Foundation is in Place Product Price Promotion Place Strategy Tactics Goal Customers Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  27. 27. ©2013 Sequent Learning Networks STEP 4: Ensuring the Foundation is in Place People • What are your core competencies? • Do you have the resources to execute the strategy? • Do you have the expertise to execute the strategy? Processes • What process disciplines will be required? • Do you have the internal culture to execute on the strategy? Systems • Do you have the systems required to support the strategy? • Can you give the customer the COMPLETE end-to-end experience that the strategy requires? www.SequentLearning.com +1 (212) 647-9100
  28. 28. ©2013 Sequent Learning Networks STEP 5: Execution – Turning Strategy Into Action Product Price Promotion Place Strategy Tactics Goal Customer Trends Competition People Processes Systems Investors Company www.SequentLearning.com +1 (212) 647-9100
  29. 29. ©2013 Sequent Learning Networks STRATEGY ACTION STEP 5: Execution – Turning Strategy Into Action Communication/ Storytelling Leadership/ Inspiration Ownership/ Accountability Focus / Agility / Execution Product Manager Cross- Functional Team www.SequentLearning.com +1 (212) 647-9100
  30. 30. ©2013 Sequent Learning Networks Cross-Functional Teams IT/Dev Marketing Finance Operations Sales www.SequentLearning.com +1 (212) 647-9100
  31. 31. ©2013 Sequent Learning Networks Survey Question #2 Do you utilize formal cross-functional teams within your organization? a) Yes – to manage projects only b) Yes – to manage products across the entire product life cycle c) Yes – to manage both projects and products d) No – we do not use formal cross-functional teams www.SequentLearning.com +1 (212) 647-9100
  32. 32. ©2013 Sequent Learning Networks Business Unit Strategy Business Unit Strategy Business Unit Strategy Strategic Alignment Corporate Strategy Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies Product Line Strategies www.SequentLearning.com +1 (212) 647-9100
  33. 33. ©2013 Sequent Learning Networks Strategic Focus Product Line Strategies Market Focus Market Strategy Product Strategy Operations Strategy www.SequentLearning.com +1 (212) 647-9100
  34. 34. ©2013 Sequent Learning Networks Strategic Focus Product Line Strategies Operations Focus Operations Strategy Product Strategy Market Strategy www.SequentLearning.com +1 (212) 647-9100
  35. 35. ©2013 Sequent Learning Networks Strategic Focus Product Line Strategies Product Focus Product Strategy Operations Strategy Market Strategy www.SequentLearning.com +1 (212) 647-9100
  36. 36. ©2013 Sequent Learning Networks Strategic Life Cycle Management • Strategies are dynamic • You must continuously revisit and revise your product line strategy with respect to your life cycle stage www.SequentLearning.com +1 (212) 647-9100
  37. 37. ©2013 Sequent Learning Networks Survey Question #3 Do you formally track your product portfolio with respect to its post- launch life cycle stage? a) Yes, and we modify our strategies accordingly b) Yes, but we do not modify our strategies based on this information c) No, we do not formally track or utilize this information www.SequentLearning.com +1 (212) 647-9100
  38. 38. ©2013 Sequent Learning Networks The Result of Having a Clear Strategy • You are aligned • You are focused • Your cross-functional teams are all working toward the same goals • You are better positioned to maximize revenue and profitability • You have a healthy product portfolio that people want to invest in! www.SequentLearning.com +1 (212) 647-9100
  39. 39. ©2013 Sequent Learning Networks • Are you interested in applying these techniques within your organization? If so, we can help! • For more information, please contact us at 212-647-9100 or visit us online at http://sequentlearning.com Continue The Journey… 2 and 3-Day Strategic Planning Workshops Strategic Audits and Advisory Projects www.SequentLearning.com +1 (212) 647-9100
  40. 40. ©2013 Sequent Learning Networks Upcoming Public Workshops www.SequentLearning.com +1 (212) 647-9100 Product Management Essentials 2-day Workshop: August 6-7; Waltham, MA Managing The Product Life Cycle 2-day Workshop: A Workshop for Managing Current Products & Portfolios August 20-21; New York, NY Strategic Product Roadmapping: August 22; New York, NY View the Schedule: http://www.sequentlearning.com/schedule
  41. 41. ©2013 Sequent Learning Networks Newsletter: The Product Management Report Coming Soon: Summer 2013 www.SequentLearning.com +1 (212) 647-9100 SequentLearning.com/newsletters
  42. 42. ©2013 Sequent Learning Networks Blog: The Product Management Exchange Share your experiences or View these stories by members of the Product Management/Marketing Community http://www.sequentlearning.com/product-management-exchange.php www.SequentLearning.com +1 (212) 647-9100
  43. 43. ©2013 Sequent Learning Networks Upcoming Event: The Product Management Leadership Summit Hosted by: The Product Management Executive Board www.pmexecboard.com Co-Host: Sequent Learning Networks The 8th Product Management Leadership Summit Date: October 24, 2013 Location: Apella Event Space, New York, NY For: Senior Executives in Product Management/Marketing Network With Peers – Discuss Best Practices – Produce Positive Results www.SequentLearning.com +1 (212) 647-9100
  44. 44. ©2013 Sequent Learning Networks Thank You! www.SequentLearning.com +1 (212) 647-9100 /company/Sequent-Learning-Networks @SequentLearning /SequentLearningNetworks /SequentLearningVideo Contact Bob Caporale: • bcapo@sequentlearning.com • http://linkedin.com/in/bobcaporale

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