Building Strategic Position from Start to Finish
Building a strategic position involves a series of steps to ensure a company's long-term success.
A strategic position is a competitive advantage a company has over its competitors, which helps
it to achieve its goals. The following are seven paragraphs outlining the framework of building a
strategic position:
1. Define your business vision and mission.
The first step in building a strategic position is to establish a clear vision and mission
statement. The vision statement provides a long-term view of where the company wants
to be in the future, while the mission statement outlines the company's purpose and
values.
2. Conduct SWAT Analysis
The next step is to conduct a SWOT analysis. This is a tool used to assess the
company's Strengths, Weaknesses, Opportunities, and Threats. This analysis provides
valuable information about the company's internal and external environment, which
can be used to identify areas for improvement and opportunities for growth.
3. Define Target market
A clear understanding of your target market is crucial in building a strategic position.
This involves researching and analysing your target customers' needs, preferences, and
behaviours. This information is used to develop a target market profile, which is used
to guide marketing and sales efforts.
4. Develop a competitive advantage
A competitive advantage is a unique attribute that sets a company apart from its
competitors. To develop a competitive advantage, companies must identify their
strengths and leverage them to meet the needs of their target market better than their
competitors.
5. Develop a strategic plan
A strategic plan outlines the company's steps to achieve its vision and mission. This
plan should include specific goals, tactics, and a timeline for implementation. The plan
should also include a regular review process to ensure the company remains on track
and can make necessary adjustments.
6. Allocate Resources
Building a strategic position requires investment in both time and resources.
Companies must allocate the necessary resources, including funding, personnel, and
technology, to achieve their goals.
7. Implement and Monitor
The final step in building a strategic position is implementing the strategic plan and
regularly monitoring progress. This involves implementing the plan, tracking results,
and making any necessary adjustments. Regular monitoring helps the company to stay
on track and make any necessary course corrections to ensure that the company's
goals are achieved.
