Strategy requires problem-solving and tough choices
Key Point: The company needs to determine its competitive position (i.e. choice of generic strategy) and choose its future path or strategic direction (i.e. grand strategy options). In terms of grand strategy the company may pursue multiple options simultaneously.
Video Resources: Strategic Choice
1. Choice of Competitive Position
In this section the focus is Porter's types of generic strategy.
2. Choice of Strategy Direction (i.e. Grand Strategy options 1-4)
The tool for determining this is Ansoff's matrix.
3. Choice of Means of Growth (i.e. other Grand Strategy Options)
In terms of choices the company will determine whether to undertake:
4. Grand Strategy Matrix
The Grand Strategy matrix offers a framework that suggest suitable options based upon the company's competitive position (i.e. strong vs weak?). This might be somewhat simplistic but is nonetheless worthy of consideration.