Question

How would you use INDUSTRY STRUCTURE - GROUP MAPPING analysis to compete more effectively in the industry in which your firm operates and show how firms in a particular group can compete more successfully How would you use INDUSTRY STRUCTURE - GROUP MAPPING analysis to compete more effectively in the industry in which your firm operates and show how firms in a particular group can compete more successfully

Answer 1

Strategy mapping or group mapping is a visual tool designed to clearly communicate a strategic plan. To achieve high-level business goals (or objectives), a unified strategy is a must—and strategy mapping is one of the best ways to make this happen.

1. It provides a simple, clean, visual representation that is easily referred back to. Strategy mapping is visually appealing. It’s far easier to remember a strategy map that has “curb appeal” than something scribbled down in a notepad or typed out in an email. In fact, it can easily be added to your website or displayed in offices around your organization without being an eyesore.
2. It unifies all goals into a single strategy. Often, organizations have floating ideas of what the company strategy is, and what it should look like. But if these concepts don’t have a home, and team members don’t know which strategic ideas are important, the strategy becomes muddled and confusing. The BSC changes that. It transcribes a bunch of different “languages” into a strategy that is easy to interpret.
3. It gives every employee a clear goal to keep in mind while accomplishing tasks and measures. If members of the leadership team are the only people who know what your strategy is or what your overall organizational objectives are, you’re going to have a very confused team. The BSC helps to get rid of confusing language, and acts as an ‘authority’ on the subject of strategy.
4. It helps identify your key goals. When you decide to create a strategy map, you are deciding to arrive upon high-level goals. Maybe this isn’t even something you’ve set out to do, so if you’d like to create a strategy map, this is a great time to start. (This 42-page guide will help you understand the process you should go through to start and finish a Balanced Scorecard.)
5. It allows you to better understand which elements of your strategy need work. When all of your high-level goals are laid out in plain sight, it’s much easier to notice what needs improvement.
6. It helps you see how your objectives affect the others: The Balanced Scorecard divides important objectives into four perspectives: Financial, Customer, Process, and People. When you look at these perspectives on a strategy map, you can literally see which objective is the most critical, and how the success or failure of each objective changes the whole strategic ecosystem.

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