10 Common Strategy Mistakes
Developing a Sustainable Strategy
We tend to assume that large organizations are too big to fail. Press releases often boast of how well a particular company is doing. It might have launched a new product, for instance, or expanded into a new market segment, or increased its share of an existing market.
It can, therefore, come as a surprise when, just a few months later, the same company is in the headlines again. This time, it's because things are not going so well, and it has made a loss or announced layoffs.
Declines like these often happen because an organization has made mistakes with its strategy. In this article, we'll explore some of the most common of these.
10 Common Strategy Mistakes and How to Avoid Making Them
In 2011, Joan Magretta, a colleague of renowned business strategy theorist Michael Porter, published a book called, "Understanding Michael Porter: The Essential Guide to Competition and Strategy," which sets out several of his main ideas about business strategy.
Our list of 10 common strategy mistakes is largely based on these ideas. Read on to find out how you can avoid them.