Sunday Oct 19, 2008

Market Focused Strategy and the Long Term

Market-focused strategy formulation helps to solve the problems of today as viewed through our understanding of the current markets. Markets, however, tend to change rapidly in modern societies. Just observe what is going on around you, the number of products that have come and gone, and business that have failed and hailed, fashions and habits that have come to fore in the last decade. Under such rapid change, it becomes difficult to maintain stability and constancy needed for long-term strategy. For some companies, a long term strategy might run a course of a 100 years. (It is reputed that some Japanese companies have 100-year, and some longer-term, strategic vision.) To serve long-term strategy, it seems more advisable to view the firm as a bundle of evolving and emerging resources, skills and capabilities, and focus on building long-term strategy based on the synergy and the development of these resources and capabilities. 
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