Applying Dynamic Strategy

By Fishman, Allen | THE JOURNAL RECORD, October 2, 2000 | Go to article overview

Applying Dynamic Strategy


Fishman, Allen, THE JOURNAL RECORD


The grand strategy is your plan for achieving your missions, but your company's grand strategy must be understood as a dynamic strategy. It reflects beliefs that exist as of a certain point in time, but as these beliefs change, the strategy must change as well.

For example, your grand strategy may be based upon a belief that certain economic factors will be happening to your regional economy within a certain amount of time. This assumption may be critical to the strategic tactics you develop, such as building up inventory in anticipation of an improved economy boosting sales demand.

If your underlying assumption is incorrect and, in fact, the economy stays stable over that same period of time, your strategy needs to be changed. You have no ability to control or influence these external factors that underlie your strategy, but you can monitor them and adjust your grand strategy accordingly.

During the formation of your grand strategy you must also create different options that can be activated based upon these external conditions, such as the economy, that are out of your control.

Tracking these critical assumptions on an ongoing basis is very important if your grand strategy is built upon them.

Identify and track only the most important of these critical assumptions. From a practical standpoint you cannot track every single assumption but you must monitor the most critical.

An analysis of your company's "strengths, weaknesses, opportunities and threats" (SWOT) is an integral part of the grand strategy planning, and likewise is non-static, and must continue on a regular basis. Just as external factors will change, affecting your strategy (they can affect strengths, weaknesses, opportunities or threats!), so too can circumstances within your company bring about changes that alter your SWOT assessment. And, of course, your strategy must change accordingly.

Try to take time away from the day-to-day operations on a regular basis to ask yourself not only what are your organization's particular strengths and weaknesses, but also what the strengths and weaknesses of your competition are, and how can you use these to better compete and better differentiate your business.

This should be a major aspect of determining the direction in which your grand strategy moves you. You need to be able to put together a reasonable SWOT analysis of your competition as well as yourself, and keep it up to date. With this knowledge, you can adjust to your market as it really is. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Applying Dynamic Strategy
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.