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1、Strategy&Leadership:TheCapableStrategistStrategy:AnExecutive’sDefinitionbyKenFavaro,withKasturiRanganandEvanHirshPublishedonMarch5,2012Whatisabusinessstrategy?Itistheresultofchoicesmadetomaximizelong-termvalue.Thequestion“Whatisstrategy?”hasspurrednumerousd
2、octoraldissertations,countlesshoursofresearch,andheartydisagreementamongseriousmanagementthinkers.Perhapsthisiswhymanyexecutivesalsostrugglewithit.Nonetheless,decisionmakersseekingtosteerabusinesstosustainedsuccessneedasuccinctandpragmaticresponse.Afterall,
3、itcanonlyhelpexecutivestohaveashareddefinitionofstrategywhentheyarecreating,communicating,andimplementingastrategyfortheirbusiness.So,whatisabusinessstrategy?Strategyisdifferentfromvision,mission,goals,priorities,andplans.Itistheresultofchoicesexecutivesmak
4、e,onwheretoplayandhowtowin,tomaximizelong-termvalue.“Wheretoplay”specifiesthetargetmarketintermsofthecustomersandtheneedstobeserved.Thebestwaytodefineatargetmarketishighlysituational.Itcanbedefinedinanynumberofways,suchasbywherethetargetcustomersare(forexam
5、ple,incertainpartsoftheworldorinparticularpartsoftown),howtheybuy(perhapsthroughspecificchannels),whotheyare(theirparticulardemographicsandotherinnatecharacteristics),whentheybuy(forexample,onparticularoccasions),whattheybuy(forinstance,aretheypricebuyersor
6、servicehounds?),orforwhomtheybuy(themselves,friends,family,theircompany,ortheircustomers).Havingadifferentiatedapproachtoatargetmarketcanbeasourceofgreatadvantageinitsownright.SouthwestAirlinesisacaseinpoint.Earlyinitsdevelopment,Southwestdefineditstargetma
7、rkettoincluderegularbustravelers—peoplewhowantedtogetfrompointAtopointBinthelowest-cost,mostconvenientway.Incontrasttotheindustry’shub-and-spokestandard,Southwest’spoint-to-pointoperationsandhassle-freeservicemodelcomprisedacompellingvaluepropositionforpeop
8、lewhowouldotherwisechoosebustravel.Thisgavethecompanyauniquegrowthpathcomparedtothetraditionalairlines.©AYSLaiCollection,07March2012Page1of3Strategy&Leadership:TheCapableStrategistStrategy:AnExecutive’
