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Day introduces the five critical, interdependent choices that managers must make to create a market-driven strategy. With dozens of examples from companies such as Otis Elevator, GE, H.J. Heinz, Ikea, Nestlé, Acuson, and 3M, he shows how forward-thinking companies select their markets, differentiate their products, choose their communication and distribution channels, decide on the scale and scope of their support activities, and select future areas for growth. Finally, Day persuasively documents the commitment to thinking and planning processes at these winning companies that harnesses the power of bottom-up understanding of customers and competitive realities with top-down vision and leadership.
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Our consulting firm regularly studies the best practices of the 100 CEOs who have grown stock price the fastest. These CEOs feel that creating better strategies for serving customers is the best way to grow stock price even faster. This is also the area where they feel they have the most to learn.
When I work with clients, they think of a new strategy as making minor fine-tuning of an existing strategy. That is a bad thinking habit that will stall progress every time. Instead, you should begin by thinking about creating much better results, something that could not be done through the way you do business now. Professor Day's process will cause you to see those alternatives that now escape your notice, and will begin to help you create better thinking habits for developing better strategies.
Professor Day focuses your attention of how to take advantage of irreversible trends, as well as how to implement new directions for the best result. As such, this book is much more practical and useful than Professor Porter's works at Harvard, as valuable as they are.
I strongly urge you to read this book. It is the most practical guide to creating better strategies that I have ever read. I found all of its principles to be accurate and valuable ones in my many years of consulting with the most successful executives in the U.S. on strategic development. You should also hope that your competitors do not read this book.
As another reviewer noted, it would have been great is the newest edition of this book was more throughly updated. Clearly it was not, and was probably renewed more to extend it's viable lifecycle in sales. The dated aspects of the book mostly come through in the case study examples. For example, positive references to Eastman Kodak, oops! Not exactly steller examples by today's standard. In any case, this does not dimish the value of the book, only makes you wonder how much better it would have been to be fully updated.
In any case, I would certainly rate this book in the top 5 of most important business strategy books...perhaps only bested by the likes of "Competing for the Future" by Gary Hamel & CK Prahalad.
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