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The five strategy archetypes discussed in the book 'Your Strategy Needs a Strategy' are: 1. Classical: This is the most common approach where analysis and planning lead to a long-term strategy. 2. Adaptive: This approach is used when the future is hard to predict. The strategy is to experiment and learn from successes and failures. 3. Visionary: This approach is used when a company has a bold new idea and the environment is ripe for it. 4. Shaping: This approach is used when a company can collaborate with other companies to reshape an industry. 5. Renewal: This approach is used when a company is in trouble and needs to conserve resources to rebuild its competitiveness.
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Size offers protection. Suppose you are buying your way into a classical marketplace but do not have the scale to compete effectively; focus on a niche within the market. For example, Huawei first gained a position in China's rural telecommunication sector and used it to gain size and momentum before entering the competitive urban market.
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We live in a business world that is in constant flux. But when you learn and understand the five strategy archetypes and how to execute them, you will...
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