Strategy Book Reviews and Five Product Strategy Plans

The goal of this paper is to provide key insights and concepts from three strategy books and then begin the strategy planning process for five different products. The three books shy away from advocating old school Porter’s concepts and instead recommend strategic innovation since modern market environments are dynamic. In Book 1, "Thinkers 50 Strategy," Crainer and Dearlove (2014) discuss the evolution of strategy concepts from early military strategists (Sun Tzu) to more recent influential works such as Michael Porter’s ‘Five Forces’, Gary Hamel and C.K. Prahalad’s resource-based ‘Harmonic Strategy’, Richard D’Aveni’s new 7-S framework for hypercompetition, W. Chan Kim and Renée Mauborgne’s ‘Value Innovation’ and ‘Blue Ocean Strategy’, David P. Baron’s ‘Integrated Strategy’ that includes nonmarket strategy and Pankaj Ghemawat’s ‘World 3.0’ for global strategy. Rita McGrath underscores the need for newer strategy techniques: “Today we’re seeing industries competing with industries, different arenas where competition manifests itself. Strategy, entrepreneurship, and innovation are all bleeding into each other” (cited in Crainer and Dearlove, 2014, chapter 1, last para.). In Book 2, "Strategy in Practice," Tovstiga’s (2013) book requests readers to focus on practical strategic thinking rather than only relying on classical strategy theory. Tovstiga (2013) provides three simple high-level frameworks for strategy analysis, ‘value proposition,’ ‘unique competing space’ and ‘opportunity-response’, to answer the pertinent questions of business strategy – where, how, why, what and when (chapter 5). Further, Tovstiga (2013) reviews externally-focused supporting frameworks for strategy analysis such as PESTEL, Porter’s Five Forces, and SWOT analysis. Finally, in Book 3, "The Strategy Book," Max Mckeown (2012) provides a comprehensive guide to strategy, covering topics such as strategic thinking, strategic planning, and strategic action. Mckeown (2012) emphasizes the importance of being agile and adaptable in today’s fast-paced business environment.
For the strategy planning process, five different products have been selected: Google Glass, remote patient monitoring, corn, patient monitoring devices, and a new social media platform. For Google Glass, the strategy will focus on expanding the target market beyond early adopters and tech enthusiasts. For remote patient monitoring, the strategy will focus on increasing awareness and adoption of the technology among healthcare providers and patients. For corn, the strategy will focus on increasing demand for corn-based products in the food and beverage industry. For patient monitoring devices, the strategy will focus on expanding the product line to include more advanced features and capabilities. Finally, for the new social media platform, the strategy will focus on creating a unique value proposition and differentiating from existing platforms.
In conclusion, the three strategy books provide valuable insights and concepts for modern strategic thinking. The strategy planning process for the five different products demonstrates the application of these concepts in real-world scenarios. By focusing on strategic innovation and being agile and adaptable, businesses can succeed in today’s dynamic market environments.