Dr. Josh Siepel Lecturer in Management Science Policy Research Unit Good strategies or bad strategies? How successful businesses combine skills, finance and innovation for competitive advantage Dr. Josh Siepel Lecturer in Management Science Policy Research Unit

This Session Introduction Thinking about strategy – what it is (and isn’t) What makes strategy ‘good’ and ‘bad’? Strategic combinations of skills

What is ‘strategic’?

Strategic vs Operational Decisions Strategic decisions are: Important Involves significant commitment of resources Not easily reversible …Everything else is operational

Good strategy and bad strategy

Bad strategies: 1) Fail to face the problem

Bad strategies: 1) Fail to face the problem 2) Mistake goals for strategy

Bad strategies: 1) Fail to face the problem 2) Mistake goals for strategy 3) Have bad strategic objectives

Bad strategies: 1) Fail to face the problem 2) Mistake goals for strategy 3) Have bad strategic objectives 4) Have ‘fluff’ – superficial abstraction

Why is there so much bad strategy?

Ok… so what makes for good strategy?

Rumelt’s ‘kernels’ of good strategy: 1) A diagnosis 2) A guiding policy 3) Coherent actions

And… now for something slightly different – a view from the academic coalface

Capabilities and combinations of skills: What combinations of skills help firms to grow?

Thank you! Feel free to get in touch: j.siepel@sussex.ac.uk