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Are you sure you have a

Strategy?
By Donald C. Hambrick and James W.
Fredrickson

Rachana, Soumya and Reshmi


INTRODUCTION
• Strategy: A central, integrated, externally oriented concept of how the
business will achieve its objectives
• Strategic fragmentation; looking at multiple loose things instead of
focusing on the complete picture
• A strategy consists of an integrated set of choices, but isn’t catchall for
every important choice an executive faces
• The company’s mission and objectives stand apart from strategy
• Key: achieving a robust, reinforced consistency among the elements of
the strategy itself
THE ELEMENTS OF STRATEGY
1. Arenas : “What business will we be in?” (product category, market
segment, geographic areas, core technologies, value creation stages)

2. Vehicles : “How to get to the chosen arena?” (Internal development, joint


ventures, licensing, franchising, acquisitions)

3. Differentiators : “How to win the marketplace?” (Image, customizations,


price, styling reliability)

4. Staging : “What is the speed and sequence of major moves to take to


heighten likelihood of success?”(Speed of expansion, sequences of
initiatives)

5. Economic Logic : “How profit will be generated (above the firm’s cost of
capital)?” (Lower cost due to mass production, unmatchable services,
product features )
THE IMPERATIVE STRATEGIC
COMPREHENSIVENESS
Why a strategy needs to encompass all these five elements?
• All five elements are important enough to require intentionality
• These five elements call not only for choice, but also for preparation and
investment (require certain capabilities that cannot be generated
spontaneously)
• All five elements must align with and support each other
• Only after the specification of these five elements, the strategists are in
the best position to turn to designing all the other supporting activities –
functional policies, organizational arrangements, operating programs and
processes that are needed to reinforce the strategy
OF STRATEGY, BETTER STRATEGY, AND NO
STRATEGY
• A business should not just have a strategy but a sound strategy.
• Tools such as industry analysis, technology cycles, value chains, and core
competencies, improve the soundness of strategies
• Strategy is not primarily about planning. It is about intentional, informed,
and integrated choices.