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Lecture

Agile Focus Strategy: Designing Market Opportunities

Description

This lecture introduces the Market Opportunity Navigator, a tool for innovators and entrepreneurs to design their Agile Focus Strategy. The Agile Focus Dartboard is explained, depicting how to place market opportunities strategically to balance risk and leverage competences effectively. The lecture emphasizes the importance of allocating resources efficiently and avoiding potential lock-ins.

In MOOC

Find the right markets for your innovation - A tool for entrepreneurs and innovators for choosing which markets to play in.

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Related concepts (11)

Strategic management

In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans.

Strategic planning

Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.

Strategic thinking

Strategic thinking is a mental or thinking process applied by an individual in the context of achieving a goal or set of goals. As a cognitive activity, it produces thought. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization. It can be done individually, as well as collaboratively among key people who can positively alter an organization's future.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Concept-driven strategy

A concept-driven strategy is a process for formulating strategy that draws on the explanation of how humans inquire provided by linguistic pragmatic philosophy. This argues that thinking starts by selecting (explicitly or implicitly) a set of concepts (frames, patterns, lens, principles, etc.) gained from our past experiences. These are used to reflect on whatever happens, or is done, in the future. Concept-driven strategy therefore starts from agreeing and enacting a set of strategic concepts (organizing principles) that "works best" for an organisation.

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