Four Central Concepts in Strategic Planning

There are four strategic planning principles in business that are timeless. Success or failure in any one of these four areas can lead to dramatic changes in business results, for better or for worse. We discuss these principles in great detail in my seventh book in this series, Marketing.

Know Where to Specialize

The first is specialization. Today, we live in a world where we have to specialize and do a few things exceptionally well. Your chosen area of specialization largely determines the future of your business.

You can specialize in a product or service, a customer segment, or a market area. When you specialize in a product or service area, your specialization is easy to describe. When asked, ...

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