Initiating the Strategy Process Using Design Thinking
11 Pages Posted: 7 Mar 2017
Date Written: March 6, 2017
Initiating the strategy process is a complex undertaking. In this paper we introduce the concept of “strategy view”, based on combining the lightweight business model framework with design thinking, defining a foundation or an anchor point from which the strategy process can be initiated. There exist four possible strategy views a firm can chose from, that is, i) being customer centric, ii) focusing on product and service innovation, iii) leveraging existing capabilities, and iv) differentiating on financials. The lightweight business model framework of a firm, competition, and industry allows identifying the key characteristics on which a firm should lay the foundation of its strategy, called the strategy view. Through applying design thinking, the strategy view can be defined with minimal effort and avoids unnecessary preliminary analysis. The proposed approach is easy to understand and apply by board members, executives, and managers not formally trained in strategy development. It focuses on those aspects that matter most and avoids non-value adding analysis.
Keywords: Anchoring, Business Model, Competitive Advantage, Design Thinking, Framework, Induction, Strategy Process
JEL Classification: L10
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