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Strategy: planning for competitive edge 1

Part 1 of 2
Published on November 24, 2011   32 min

A selection of talks on Strategy

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0:00
I'm Dr. Gary May, Professor of Management at Clayton State University, a unit of the University System of Georgia in the United States. Welcome to Part 1 of Strategy Planning for a Competitive Edge. My purpose is to discuss the fundamentals of strategy in the context of entrepreneurship. My goal is to help you, as a creator of a new business, gain a competitive edge and improve your odds of financial success.
0:31
As we begin, I'd like to briefly share with you my own strategic journey. First, as a second-generation owner of a family wholesale distribution business that grew to be a large regional operation. Then, to a senior executive position in a large national company serving in the position of Chief Learning Officer, which included responsibility for strategic planning, and finally retiring to Clayton State to teach, research, and consult. My most recent project has been the publication of a book on strategic planning aimed at small business owners and managers. I share my story to make a point. I'm very practical and applied. I know that, as an entrepreneur, you have your hands full juggling many different challenges on a daily basis. Therefore, this lecture focuses on the basics, the essential concepts your team can follow to create and execute an effective strategic plan without getting bogged down in esoteric theory or bureaucratic formulization.
1:34
Let's start by answering the question: What is strategy? When I think about strategy, four concepts come to mind. First, strategy is simply an action plan to achieve a vision. Strategy means understanding and meeting the needs of your stakeholders. Those who have a stake in the success of your business: customers, employees, investors, suppliers, and even the communities in which you operate. Strategy is also about differentiation. Finding ways to be different from competitors. Putting together a unique combination of activities that create a competitive edge in the marketplace. Strategy is about making hard choices. There are never enough resources or time to do everything you'd like to do. Also, there's an underlying assumption. While you focus on the future, you must continue to take care of your current business, executing your business fundamentals and maintaining operational excellence. As you develop and implement your strategic plan,

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Strategy: planning for competitive edge 1

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