Strategy is one of the most used and misused terms in business. Formulating a good strategy is the process of refining different elements of the strategy. People often confuse the word strategy with a strategy itself. Being a first mover in the market is not a complete and effective strategy. It is all about keeping the strategies separate from vision and mission. One can make use of their vision or mission to develop and execute good strategies.
Strategy is an integrated concept of how the company achieves its objectives and competes against its rivals. Strategy is often comprised of integrated set of choices that are related to 5 elements - Arena, Differentiators, vehicles, staging and pacing, economic logic.This group of elements makes the Strategy Diamond. In this article, we are going to explore these questions by using Hambrick and Fredrickson's Strategy Diamond.
What is Strategy Diamond?
The Strategy Diamond was created by Donald Hambrick and James Frederickson to show what the actual habits of strategy are and where does they fit well. As said, strategy is about making important decisions.
The real power of Strategy Diamond is that it incorporates important choices into big picture.
The key feature of Strategy Diamond is that it can be applied by corporate citizens, solopreneurs or other professionals to survive in todayâ€™s competitive world.