Chapter from: "Grow by Focusing on What Matters: Competitive Strategy in 3 Circles"
Published by:
Business Expert Press
Length: 18 pages
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Abstract
This chapter is excerpted from ‘Grow by Focusing on What Matters: Competitive Strategy in 3 Circles'. Chapter 9. This chapter provides a summary of the book with a review of the 10-step process behind a 3-Circle growth strategy project. Beating the competitor, creating value for customers, and building capabilities may be seen as goals or principles that are often at odds with one another. So most firms tend to focus on one or two of those goals. The search for growth is further complicated by the fact that knowledge of customer needs can get quickly out of date even though we feel confident in our existing knowledge. The imperative here is first to narrow the focus to the three core principles, to focus on understanding customer value as primary, but then to also think of those principles as an integrated whole. The 3-Circle model provides an integrated view of these three principles and allows a team to quickly understand the current nature of competitive advantage in their markets.. Growth and competitive advantage are about effective positioning. Building effective positioning is challenging today for firms facing new and stronger competition, volatile and uncertain markets, and shifting customer desires and demands. This book details the four key strategies in the 3-Circle model facilitates speed of understanding and action by focusing attention on the most critical strategy concepts in this uncertain environment. The development of competitive strategy is difficult because there are a lot of moving parts, as well as hundreds of frameworks, that might potentially guide the effort. Executives appreciate how the 3-Circle model simplifies the integration of customer, firm, and competitor analysis to generate growth strategies. It also provides a common language and process for understanding and explaining competitive advantage and for identifying profitable growth strategy.
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Abstract
This chapter is excerpted from ‘Grow by Focusing on What Matters: Competitive Strategy in 3 Circles'. Chapter 9. This chapter provides a summary of the book with a review of the 10-step process behind a 3-Circle growth strategy project. Beating the competitor, creating value for customers, and building capabilities may be seen as goals or principles that are often at odds with one another. So most firms tend to focus on one or two of those goals. The search for growth is further complicated by the fact that knowledge of customer needs can get quickly out of date even though we feel confident in our existing knowledge. The imperative here is first to narrow the focus to the three core principles, to focus on understanding customer value as primary, but then to also think of those principles as an integrated whole. The 3-Circle model provides an integrated view of these three principles and allows a team to quickly understand the current nature of competitive advantage in their markets.. Growth and competitive advantage are about effective positioning. Building effective positioning is challenging today for firms facing new and stronger competition, volatile and uncertain markets, and shifting customer desires and demands. This book details the four key strategies in the 3-Circle model facilitates speed of understanding and action by focusing attention on the most critical strategy concepts in this uncertain environment. The development of competitive strategy is difficult because there are a lot of moving parts, as well as hundreds of frameworks, that might potentially guide the effort. Executives appreciate how the 3-Circle model simplifies the integration of customer, firm, and competitor analysis to generate growth strategies. It also provides a common language and process for understanding and explaining competitive advantage and for identifying profitable growth strategy.