One of the toughest challenges facing managers is how to plan for profitable growth in an uncertain future. “Success in the long run is all about marshaling the right capabilities and resources and using them to create sustainable competitive advantage for the future,” Dr. James Martin, associate dean, professor of marketing, and Dr. Jaume Franquesa, visiting assistant professor of strategic management, both of the Boler School of Business at John Carroll University, told Smart Business magazine in October.
Talking about ways businesses can position themselves to take advantage of tomorrow’s opportunities, Drs. Martin and Franquesa said businesses should identify and assess current capabilities, both dynamic and operational.
They also recommended that businesses apply ‘real options’ logic to investments for the future. “Instead of making early choices under uncertainty and committing significant resources to a particular strategic direction, consider engaging in multiple directions that will keep several windows of opportunity open,” they advised. “In this way, you can delay commitment to any of them until more information is available and some of the uncertainty is resolved.”
To read the full article, click on this link. You can reach Dr. Jaume Franquesa at firstname.lastname@example.org, and Dr. James Martin at email@example.com.
Date posted: October 8, 2013