Donald Hambrick And James Fredrickson: The Five Elements Of Strategy
Donald Hambrick and James Frederickson identify 5 elements that a successful strategy must have. One of these elements is differentiator.
Explain the five elements and illustrate your discussion with examples of successful companies from the world business.
Strategy is all about making important choices in a business. Donald Hambrick and James Fredrickson created the five elements of strategy as way to reveal what the bits and pieces of strategy are and how these elements fit together (Sourcesofinsight.com, 2017).
THE FIVE MAJOR ELEMENTS OF STRATEGY There are five main elements of strategy. They involve
• Arenas: Where will we be active? (Quilliam, 2016).
• Vehicle: How will we get there? (Quilliam, 2016).
• Differentiators: How will we win in the market place? (Quilliam, 2016).
• Staging: What will be our speed and sequences of moves? (Quilliam, 2016).
• Economic Logic: How will we obtain our returns? (Quilliam, 2016).
5 elements of strategy:
Arenas: when strategists are making vital decisions about a business, they look at where or in what arenas the business will be active (Quilliam, 2016). It is essential to take into account the firm’s products, services, distribution channels, market segments and geographic areas when making decisions about a business arenas (2012books.lardbucket.org, 2017). In addition, identifying arenas should be clear and specific (2012books.lardbucket.org, 2017). It clearly reveals to managers what the firm should do and what the
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