Strategic planning plays a crucial role in identifying competitive factors in an industry. It helps in understanding the key factors that the industry has been competing on for a long time. This understanding allows businesses to eliminate or reduce efforts in these areas, thereby saving resources. Furthermore, strategic planning aids in identifying underserved areas where a business can differentiate itself. By allocating more resources to raise or create more value in these factors, a business can gain a competitive edge.

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What’s the best way to turn business challenges into strategic opportunities? With a structured case study, consultants and project teams can follow e...

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It's important to understand which of these factors has the industry been competing on for a long time. Because those are the efforts you'd want to "eliminate" or "reduce". On the other hand, differentiate yourself in underserved areas. Allocate more resources to "raise" or "create" more values in these factors.

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A business can maintain its competitive edge while reducing efforts in certain areas by understanding which factors the industry has been competing on for a long time. These are the efforts that should be eliminated or reduced. The business should differentiate itself in underserved areas and allocate more resources to raise or create more value in these factors.

Some potential challenges in allocating more resources to underserved areas could include lack of infrastructure, difficulty in measuring impact, resistance from local communities, and potential misallocation of resources. It's also important to consider the financial implications, as allocating more resources to these areas may require significant investment.

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