A strategy is a plan to achieve a goal. This typically considers uncertainty, competition and constraints such as time, capabilities and budget. The following are basic types of strategy.
ExperimentationTrying things at a small scale to see what works without a major investment or risk.
ScalingWhen you find something that works, scale it out.Shipping product early and often.Developing capabilities that are superior to all competition in some way.
Developing information that is superior to all competition. For example, a product development team that identifies an extremely valuable latent need.Putting capital and labor to work to produce value.Predicting prices or outcomes to try to profit.
Building relationships with people. For example, a startup that finds financing, partners and customers through employees who know many influencers in an industry.Getting physically close to the action. For example, starting a satellite office that is close to many of your customers.
Any strategy that seeks profit without producing value. For example, asking a government to subsidize your business.
DiversificationEntering new markets. For example, a supermarket that opens a chain of convenience stores.Recognizing that a strategy isn't working and exiting it as quickly and cheaply as possible.
Planning tactics for scenarios that may or may not actually happen.Always working on the highest priority thing and leaving decisions until they have to be made. Typically adopted in a fast changing situation where making decisions too soon can be a waste of time and resources.
Finding ways to help partners and customers that also serve your needs.
IntegrationBuilding upon the success of others with offerings that complement, integrate or are compatible.Any strategy that seeks to defeat the competition as opposed to working with them.
FlankingAttacking the competition from an odd angle they aren't defending. For example, a niche product that serves customer needs that aren't covered by major competitors in a market.
This is the complete list of articles we have written about strategy.
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A reasonably comprehensive guide to strategy.
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Strategic dominance is your best choice in a given situation.
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