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Thoughts on the
Process of
Strategy
Development |
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Once
evaluation is complete and initial choices are made... |
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Developing a strategic plan is
essential to capture all of the nuances of approaching a market
with an idea or product. The strategic plan is the
touch-stone for all decision making. |
When making plans, make them
S.M.A.R.T:
Specific,
Measurable,
Attainable,
Realistic
and Timely.
Success starts with expert planning. |
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Seven simple
components (and questions) of a successful Strategic Plan |
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1. Identify the target
customer |
Specifically, in as much detail as
possible, who is the target customer for the product or service, and how
will he/she purchase it? |
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2. State the purpose of the
idea/product |
In very clear, specific terms, what
is the purpose of the idea as it pertains to the customer
identified, and why will it be valued? |
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3. Define the market space and
company position |
Exactly who are the competitors, and where
is the company in relationship to them and the customer? |
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4. Identify the company's
competitive advantage |
In objective terms, why will the
company have an advantage in serving the customer within
the space defined? |
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5. Define the impression the
company will own |
What is the impression the company
will set in the mind of the customer, and why will this be
recognized as an advantage? |
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6. Define what weapons will be
used |
What tools will be used to reach the
market, and what is their specific purpose, in rational terms? |
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7. Define the financial
metrics and schedule |
What is the budget assigned to the
project, what will it be spent on in detail, how long the
project will take, what is the expected return, and what are the
risks of failure? |
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When introducing a new technology
with as much potential as LEDs represent, sorting out which
direction to go into first can be daunting. Lumenique can help
define customers and market potential to improve direction and
focus. |
