Introduction
Planning and strategizing are essential to make any establishment successful and profitable. «HBR’s 10 must-reads on strategy» is a collection of articles that were definitive to the knowledge of business tactics at the time of its publication (Harvard Business Review et al., 2011). These pieces were included for their lasting relevance and practical advice applicable to various organizations. Interestingly, the ideas discussed in these works can still be found in modern literature. A descriptive literature review by Fuertes et al. (2020) is an important piece that presents several points for improving and applying the book’s advice in strategy management and decision-making.
Choosing a Strategy
The first point is the difficulty of choosing when designing a strategy. As the book notes, each decision requires the leader to make trade-offs (Harvard Business Review et al., 2011). This pattern leads to the conclusion that every situation must be approached individually, as circumstances may be unique, even if the setup seems the same during the initial evaluation. Moreover, the authors focus on what can be omitted from the strategy rather than on the goals.
Similarly, the review by Fuertes et al. (2020) uses the same system as a conclusion for their assessment of the most common tactics. They expand this idea by using available resources as the primary factor of decision-making, as it defines what can be overlooked and what should be targeted. Thus, creating a strategy involves a series of choices that reflect the business’s condition.
Core Ideology and Vision
Another critical aspect that must affect the company’s strategy is its core ideology and brand vision. According to Harvard Business Review et al. (2011), outlining the main points of business representation will substantially increase the speed of making decisions. This vision will generate quick answers when the management needs to choose a development direction.
Fuertes et al. (2020) also mention these topics and notice that these branding methods should involve customers’ feedback to be more financially compelling. They elaborate on this idea by suggesting collaborative projects that will create competitive advantages compared to similar businesses. As a result, the brand ideology is a crucial part of public relations that should be modified if the market favors a specific trend.
Structure and Responsibilities
A good decision-making process involves a well-designed system of subordinates and responsibilities. Harvard Business Review et al. (2011) recommend using a decision model that distributes specific responsive tasks to certain team members. Moreover, they introduce a RAPID technique that lists five possible interactions: recommend, agree, perform, input, or decide. These actions can be listed in protocols, accompanied by the staff members who may participate in the events.
Fuertes et al. (2020) have a similar perspective, adding the importance of individual actors in decision-driven scenarios. They complete the technique by emphasizing the need to evaluate staff skills and capabilities when allocating roles. Therefore, the company should have a defined line of subordination that allocates decision-making authority based on the scale of the decision and the managers’ abilities.
Conclusion
In conclusion, the comparison between the book’s strategic advice and the modern review’s perspective demonstrates the value of the article. It includes a set of ideas that build on prior knowledge of the topic and yield valuable insights into new findings on strategy development. Its conclusions emphasize the importance of evaluating available resources, customer feedback, and decision-making protocols in developing a successful plan. Consequently, it contributes to the practical usability of the strategies mentioned in Harvard Business Review and other similar sources.
References
Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual framework for the strategic management: A literature review—descriptive. ,Journal of Industrial Engineering, 2020, 1–21.
Harvard Business Review, Porter, M. E., Chan Kim, W., & Mauborgne, R. A. (2011). HBR’s 10 Must Reads on Strategy. Harvard Business Review Press.