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A traditional sector company like manufacturing can apply the innovative approaches discussed in 'Your Strategy Needs a Strategy' by understanding and implementing the five strategy archetypes. These include the classical, adaptive, visionary, shaping, and renewal strategies. Depending on the company's current situation and the market conditions, one or a combination of these strategies can be applied. For instance, if the company is in a stable and predictable environment, a classical strategy of rigorous analysis and planning can be used. If the environment is unpredictable, an adaptive strategy can be used where the company experiments and quickly responds to changes in the market.
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Size offers protection. Suppose you are buying your way into a classical marketplace but do not have the scale to compete effectively; focus on a niche within the market. For example, Huawei first gained a position in China's rural telecommunication sector and used it to gain size and momentum before entering the competitive urban market.
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We live in a business world that is in constant flux. But when you learn and understand the five strategy archetypes and how to execute them, you will...
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