Thursday, May 30, 2024

g-f(2)2446 Unlocking Strategic Creativity: A Four-Category Framework for Business Innovation

 


genioux Fact post by Fernando Machuca and Claude



Introduction:


In the ever-evolving landscape of business strategy, executives and entrepreneurs often struggle to identify innovative opportunities and craft effective strategies. The article "All Business Strategies Fall into 4 Categories" by Jerome Barthelemy, published in the Harvard Business Review, aims to fill this gap by providing a systematic approach to identifying potential strategies. Drawing from an in-depth analysis of the creativity literature, Barthelemy introduces a framework that categorizes all strategies into four distinct groups, ranging from the least to the most creative.



genioux GK Nugget:


"All business strategies can be categorized into four groups: adapting existing industry strategies, importing strategies from other industries, combining strategies from multiple industries, and creating strategies from scratch using first principles thinking." —  Jérôme Barthélemy, May 30, 2024



genioux Foundational Fact:


The four categories of business strategies, ordered from least to most creative, are:


  1. Adaptations of successful strategies from your industry
  2. Importing strategies from other industries
  3. Combining strategies from multiple different industries
  4. Strategies created from scratch using first principles thinking



The 10 most relevant genioux Facts:





  1. Adapting existing industry strategies involves tailoring successful strategies to fit specific business environments and challenges, as demonstrated by Shein and Rocket Internet.
  2. Importing strategies from other industries can provide solutions to industry-specific problems, as exemplified by Best Buy's "store-within-a-store" strategy and Hilti's "Tools On Demand" program.
  3. Combining strategies from multiple industries can create innovative and engaging offerings, such as Spotify's fusion of music streaming and social networking.
  4. Creating strategies from scratch using first principles thinking involves challenging conventional thinking, breaking problems into fundamental truths, and developing novel solutions, as demonstrated by Space X and Airbnb.
  5. Analogies between industries can facilitate the importation of strategies, but the process becomes more challenging as industries become more dissimilar.
  6. Combining strategies from multiple industries often involves selecting key features from existing strategies while dropping others to create a unique offering, as seen with the Huffington Post.
  7. First principles thinking requires a three-step process: challenging conventional thinking, breaking problems into fundamental principles, and creating new solutions from scratch.
  8. The demands of the various strategy categories differ, with adapting strategies requiring knowledge of a single industry, while importing and combining strategies necessitate familiarity with multiple contexts.
  9. Creating strategies from scratch using first principles thinking requires not only broad industry knowledge but also the capability to deeply reflect on that knowledge.
  10. Executives and entrepreneurs can use this framework to systematically identify potential strategies and foster creativity in their strategic planning processes.





Conclusion:


Jerome Barthelemy's article "All Business Strategies Fall into 4 Categories" provides a valuable framework for executives and entrepreneurs seeking to identify innovative strategies and opportunities. By categorizing strategies into four distinct groups, ranging from adapting existing industry strategies to creating strategies from scratch using first principles thinking, the framework offers a systematic approach to fostering creativity in strategic planning. As businesses navigate an increasingly complex and competitive landscape, understanding and applying these four categories of strategies can help organizations unlock new sources of growth and differentiation. By embracing the principles outlined in this article, leaders can cultivate a more creative and effective approach to strategy development, ultimately positioning their organizations for long-term success.



REFERENCES

The g-f GK Context


Jerome BarthelemyAll Business Strategies Fall into 4 CategoriesHarvard Business Review, May 30, 2024.



ABOUT THE AUTHOR


Jérôme Barthélemy is Executive Vice-President, Dean for Post Experience Programs, Corporate Programs and Relations and Professor of Strategy and Management at ESSEC Business School. He is the author of Myths of Strategy (Kogan Page, 2023).



Classical Summary:


In the Harvard Business Review article "All Business Strategies Fall into 4 Categories," Jerome Barthelemy addresses the problem that while existing strategy frameworks can help evaluate the attractiveness of an opportunity or the likelihood of a strategy's success, they often fall short in helping identify the opportunity or craft the strategy in the first place. To fill this gap, Barthelemy introduces a framework that categorizes all strategies into four groups, ranging from the least to the most creative.


The first category, adaptations of successful strategies from your industry, involves tailoring existing strategies to fit specific business environments and challenges. Examples include Shein's extreme fast fashion model and Rocket Internet's "creative imitation" of successful online retailers and marketplaces.


The second category, importing strategies from other industries, requires looking beyond the confines of one's own industry for solutions to problems. Best Buy's "store-within-a-store" strategy, borrowed from department stores, and Hilti's "Tools On Demand" program, inspired by the leasing model in heavy machinery and vehicles, exemplify this approach.


The third category, combining strategies from multiple different industries, involves selecting features from existing strategies and combining them to create a unique offering. Spotify's fusion of music streaming and social networking, and the Huffington Post's combination of journalism and blogging, illustrate this approach.


The fourth and most creative category, strategies created from scratch, involves using first principles thinking—challenging conventional thinking, breaking problems into fundamental truths, and creating novel solutions. Space X's affordable and reusable rockets and Airbnb's disruption of the hospitality industry are prime examples of this approach.


Barthelemy notes that the demands of the various categories differ. Adapting strategies requires knowledge of a single industry, while importing and combining strategies necessitate familiarity with multiple contexts. Creating strategies from scratch using first principles thinking requires not only broad industry knowledge but also the capability to deeply reflect on that knowledge.


The article concludes by emphasizing the value of this framework in helping executives and entrepreneurs systematically identify potential strategies and foster creativity in their strategic planning processes. By understanding and applying these four categories of strategies, organizations can unlock new sources of growth and differentiation, ultimately positioning themselves for long-term success in an increasingly complex and competitive business landscape.





Jérôme Barthélemy


Jérôme Barthélemy is the Executive Vice-President, Dean for Post Experience Programs, Corporate Programs and Relations, and a Professor of Strategy and Management at ESSEC Business School¹. He holds a Ph.D. from HEC Paris¹ and has been a visiting professor and visiting research scholar at New York University (NYU), Stanford University, and Cambridge University¹.


His research has been published in top academic journals such as the Strategic Management Journal, Journal of Business Venturing, Journal of Management Studies, and practitioner-oriented outlets like Harvard Business Review, MIT Sloan Management Review¹. He is also the author of "Myths of strategy" (Kogan Page, 2022), a book in which he debunks the most common strategy myths¹. His other book, "Libérer la compétitivité" (Unleash your company's competitive spirit) (Pearson, 2016), received France's best management book award in 2017¹.


In 2016, he was recognized as the 8th most impactful French-speaking contributor on LinkedIn¹. His work has been featured in various media outlets including Le Monde, Les Echos, Academy of Management Insights, Business Times, California Management Review Insights, and Forbes¹.


Source: Conversation with Copilot, 5/30/2024

(1) Jérôme BARTHELEMY - Essec faculty - ESSEC Business School. https://faculty.essec.edu/en/cv/en-barthelemy-jerome/.

(2) Jérôme BARTHELEMY - faculty.essec.edu. https://faculty.essec.edu/cv/barthelemy-jerome/pdf/.

(3) ESSEC. https://bing.com/search?q=J%c3%a9r%c3%b4me+Barth%c3%a9lemy+ESSEC+Business+School+biography.

(4) ESSEC. https://www.essec.edu/en/programme/strategy-leadership/.

(5) Jérôme Barthelemy is appointed Executive Vice ... - ESSEC Business School. https://m.essec.edu/media/cp_nomination_j_barthelemy_v2_%281%29.pdf.

(6) Jérôme Barthelemy devient Directeur général ... - ESSEC Business School. https://m.essec.edu/media/presse/communique-presse/2021/cp_nomination_j_barthelemy_v2.pdf.






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genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2446, Fernando Machuca and ClaudeMay 30, 2024, Genioux.com Corporation.



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