23 thoughts on “The Five Components of a Business Strategy”

  1. Ian, at what point should a company re-evaluate its strategy? What
    checks/balances should be in place to monitor its success? Thanks, Ivan

  2. Hi Ivan: Companies should have a very carefully thought-out balanced
    scorecard that shows performance vs. objectives, history and (very
    importantly) competitors. Companies should reevaluate strategy either when
    performance lags vs. objectives or competitors or when there is a
    significant event either within the company (e.g., an acquisition, a change
    in management, etc.) or in the industry (consolidation, new technology),
    etc. I hope that helps. Thank you very much for your question. Ian

  3. The last core competency mentioned for Southwest Airlines is genius.
    Keeping planes in the air: Now that’s brilliant.

  4. HigherPlanes: The idea is that Southwest Airlines uses superior operational
    excellence to drive better asset productivity, i.e., keeping their planes
    working and productive (up in the air) more than their competitors. People
    of normal intelligence or better understand that without the additional
    explanation I provided for people like you.

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  6. Currently, im thinking about doing BBQ catering; for this type of business,
    what kind of business planning format should I use to assure that I make
    all the necessary steps towards success. Thanks.

  7. Good video! For entrepreneurs or small business owners that are operating
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    will you spend your time each week. Then hold yourself accountable to it.

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  10. For a core competency to provide [sustained] competitive advantage, it must
    be:
    Valuable AND non-substitutable to customers
    AND
    Rare AND inimitable for competitors

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