Box 41 Formation of a product strategy

1. Develop sophisticated scenarios for the competitive environment of today and the future.

2. For each of the scenarios, describe the ideal successful companies within the scenario and their attributes, in particular the advantaged and base knowledge incorporated in their products/services and throughout their value chains (advantaged knowledge - knowledge that does or can provide competitive advantage; base knowledge - knowledge internal to a business that may provide short-term advantage, e.g. best practices). Also decide on the depth of each knowledge that is needed.

3. Determine who are the current and potential future knowledge leaders in developing and applying the advantaged and base knowledge elements identified. For your company, identify the specific internal individuals who possess the knowledge. Outside the company, it is best to specify institutions/companies and even individuals who possess the knowledge.

4. Decide where the ideal company should source its knowledge, both internal and external to the company. Decide on the depth of a particular knowledge that should be inside the company and the source for the extra knowledge needed.

5. Choose the ideal company to model your company upon, and develop the business strategy and routes to reach that ideal. Plan how you are going to acquire and maintain people with the necessary knowledge.

6. Establish the effects on shareholder value of the particular area of advantaged knowledge.

Source: From Clarke, 1998, by permission of Research Technology Management.

and often is at a much lower level. This is seldom realised by the directors who sit on Boards of companies and give the knowledge direction that is followed by the executive directors and then the rest of the company. It is important that a wider knowledge direction is recognised and set for the company. The company needs to develop a knowledge strategy as shown in Box 4.1.

Was this article helpful?

0 0

Post a comment