Case Study Of Strategy Portfolio: Strategic Acting
1309 Words
6 Pages
Strategy Portfolio – Part 3: Strategic Acting Traditionally, in strategic planning, when the plan begins, the different parts of the strategy move forward along a fixed schedule. Everyone involved performs their predetermined assignments and works toward the milestones that were developed in the context of the plan. The leader makes sure that the plan stays on track and that everyone completes his/her duties with respect to the project. This is all done regardless of internal or external disruptions. Hughes, Beatty & Dinwoodie (2014) use a different approach. They state that strategic acting is “committing resources to build sustainable competitive advantage” (p. 106). Strategic acting is making decisions to move forward while, at the
…show more content…
Hughes et al. (2014) state that the outcome is always uncertain. They present the reader with a quote from Marilyn O’Connell, a vice-president of marketing for Verizon, “If you always look at what you know, and what you’ve always done in the past, you will never do anything” (Hughes, 2014, p. 119). Decisions will need to be made whether a 1 percent probability of success or a 99 percent likelihood of success is provided. The authors quoted Colin Powell’s P = 40 – 70 formula in determining when to make a decision, where P is the probability and the numbers indicated the percent of probability. Powell stated that when the probability is in the 40 – 70 range, he has enough information to make a gut decision. If it is under 40 percent, he does not have sufficient information; however, if it has over 70 percent probability, it probably took too long to obtain that information and an opportunity could be lost (Hughes et al., 2014, p. 119). Besides the four strategic acting mindsets, Hughes et al. (2014) also discuss three competencies. These skills are required for strategic acting to take place: (a) act decisively in the face of uncertainty, (b) foster agility, and (c) create alignment by setting clear strategic priorities. Using these skills in conjunction with the four attitudes will help to develop a successful
Hughes et al. (2014) state that the outcome is always uncertain. They present the reader with a quote from Marilyn O’Connell, a vice-president of marketing for Verizon, “If you always look at what you know, and what you’ve always done in the past, you will never do anything” (Hughes, 2014, p. 119). Decisions will need to be made whether a 1 percent probability of success or a 99 percent likelihood of success is provided. The authors quoted Colin Powell’s P = 40 – 70 formula in determining when to make a decision, where P is the probability and the numbers indicated the percent of probability. Powell stated that when the probability is in the 40 – 70 range, he has enough information to make a gut decision. If it is under 40 percent, he does not have sufficient information; however, if it has over 70 percent probability, it probably took too long to obtain that information and an opportunity could be lost (Hughes et al., 2014, p. 119). Besides the four strategic acting mindsets, Hughes et al. (2014) also discuss three competencies. These skills are required for strategic acting to take place: (a) act decisively in the face of uncertainty, (b) foster agility, and (c) create alignment by setting clear strategic priorities. Using these skills in conjunction with the four attitudes will help to develop a successful