Four proven steps for generating profitable growth (focused strategic management in US manufacturing companies)

Citation

Viera, J. (2011), "Four proven steps for generating profitable growth (focused strategic management in US manufacturing companies)", Development and Learning in Organizations, Vol. 25 No. 3. https://doi.org/10.1108/dlo.2011.08125cad.001

Four proven steps for generating profitable growth (focused strategic management in US manufacturing companies)

Article Type: Abstracts From: Development and Learning in Organizations, Volume 25, Issue 3

Viera J. Industry Week, November 2010, Vol. 259 No. 11, Start page: 33, No. of pages: 2

Makes the case for US manufacturing companies to adopt a focused strategy for growth, in the aftermath of the global economic and financial crisis and recession, rather than passively await the return of favourable economic conditions and trust to good fortune. Argues that the first challenge in a strategic focus effort is convincing the team of just how crucial focus is and explaining the fundamentals of such focus, comprising: a more precise, market-specific value proposition that is easier to develop and communicate to customers; customer success that can be leveraged with greater credibility to others in the targeted market segment; a customer-to-customer intra-market communication network that is more dependable and effective than cross-market word-of-mouth; an in-segment communication channel that reduces the need and cost of expanded advertising and promotion; and a focus strategy effort that improves customer understanding, empathy and relationships. Sets out a four-step process for achieving success with focus, involving: selecting a target market using sound criteria; building an uncompromising commitment to focus; reallocating resources; and measuring and validating success. Article type: Viewpoint ISSN: 0039-0895 Reference: 40AA221

Keywords: Business development, Manufacturing, Organizations, Strategic management, United States of America