In today’s market, organizations face many changes that create both opportunities and challenges as well. In his book, Organizational Project Management, Hossenlopp (2011) reminds us that some of the challenges organizations face today stem from the pressures of globalization, their need to increase revenue while decreasing costs, and regulation changes in banking policies (Hossenlopp, 2011). Company leaders that are able to observe and anticipate industry trends, however, are better equipped to act quickly with strategies that will help them maintain their competitive edge.
In her book, Strategic Management, Mary Coulter (2010) explained that situation analysis strategies are meant to help leaders identify their strengths and weaknesses and the impact they have on organizational outcomes. In other words, if business leaders are unable to evaluate components like the flow of the economy or identify demographics that can effect trends in their market, it can have an negative impact on their ability to achieve successful goals (Coulter, 2010).
Michael Porter (2011), the leading authority on competitive business strategy, purports that savvy leaders are also cognizant of what actions to refrain from as well in running their businesses (Porter, 2011). Plus, due to the globalization of information and advances in technology the business landscape continues to evolve. This means leaders must also consider developing and implementing strategies with systems to help them evaluate the external environment to keep up with industry changes.
In my ebook, The Value of Corporate Strategic Management (2013), my research work outlines how the evaluation of these and other components help industry leaders develop more efficient strategies while avoiding an economic crisis in the process (Berry, 2013). In the entertainment industry, for example, to maintain a competitive edge, artists devise strategies with the intent on setting new trends, like Lady Gaga, or keeping their theatrical productions fresh and entertaining. For instance, I was part of a production team hired to create special effects for Jim Stafford’s Show in Branson, Missouri. His show had been playing successfully for many years there. Headline performers like Jim, run the same show on a regular schedule. Because of this, they implement a variety of business strategies to keep the show thrilling and contemporary.
One method they incorporate is to hire a production team like ours, to add visual effects, pyrotechnics, and illusions to enhance a show. Stafford, a seasoned and consummate guitar player, was also working a new song into the show that highlighted his genius as an experienced musician. He wanted to make the performance more exciting by adding fog and smoke effects with pyrotechnics to the segment. Stafford’s show also features guest artists that perform short skits or musical numbers that showcase talented singers. Another business strategy the producers incorporate, for example, is a periodic change to these guest segments by introducing a new dance routine or working a new song into the show from a current hit movie.
These are some of the tactics that are used in this industry to help headliners maintain a competitive edge. It also serves to keep the production fresh and more appealing to modern audiences. Plus, this addresses another important component that can be detrimental to any live show. Headliners that perform the same show over an extended period of time, tend to become complacent which can result in stagnating performances. There is nothing worse for a theater goer who pays premium price to see a top caliber show only to experience entertainers that are bored and not committed to the performance process. The inclusion of a strategic plan that adds new elements to a live stage production also keeps the entertainers excited and more engaged. In conclusion, because changes in today’s business arena can occur at lightning speed, leaders with well researched and developed strategic plans will most likely achieve higher outcomes over the long term because they are able to cope better with uncertainty in an ever changing landscape.
Well, that wraps things up on organizational strategies for this week. Have a great weekend everyone and stay organized. Ciao for now!
Sound strategy starts with having the right goal. – Michael Porter
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Berry, M. A. (2014). The Value of Strategic Management. USA: Amazon Digital Services, Inc.
Coulter, M. (2010). Strategic management in action (5th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Hossenlopp, R. (2011). Organizational project management: Linking strategy and projects. Vienna, VA: Management Concepts.
Porter, M. (2011). HBR’s 10 must reads on strategy. Boston, MA: Harvard Business Review Press.