{"id":58,"date":"2021-12-27T09:46:18","date_gmt":"2021-12-27T09:46:18","guid":{"rendered":"https:\/\/strategyoptions.net\/?p=58"},"modified":"2022-06-07T06:15:32","modified_gmt":"2022-06-07T06:15:32","slug":"mapping-strategic-choices-in-foodtech","status":"publish","type":"post","link":"https:\/\/strategyoptions.net\/index.php\/mapping-strategic-choices-in-foodtech\/","title":{"rendered":"Mapping Strategic Choices in FoodTech"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Discussing the strategic dimension maps or strategic choices maps that apply to your business is crucial to any sensible decision-making.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Basics<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Explanation of what a strategic choices map is, is a separate complex question. For convenience, it is discussed in a separate article available <a href=\"https:\/\/strategyoptions.net\/index.php\/foodtech-products-urban-customers-an-analytic-framework-use-example\/\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, for building these strategic maps you need to have strategic dimensions. The dimensions issue is also discussed in a separate piece available <a href=\"https:\/\/strategyoptions.net\/index.php\/strategic-choices-in-foodtech\/\">here<\/a>. But it is worthwhile to mention that there are two types of dimensions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>standard dimensions that apply to almost any business &#8211; like geography or value chain;<\/li><li>specific dimensions that apply just for this particular industry, e.g. for the FoodTech industry, where some specific tech products and several segments of urban customers.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">After you have looked through dimensions, you can start making strategic choices maps. From a practical point of view, there are several key questions that need to be addressed when mapping your major strategic alternatives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Number<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Normally you need about three to five maps that apply to your business decisions. At least three are essential. Obviously, the amount of all the possible strategic maps in the multi-dimensional space is enormous: millions of maps can be built along all the dimensions and all the strategic choices. However, in my experience, you need at least three maps that show your business in its best analytical projection, so the key strategic decisions can be made.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A larger amount of strategic maps are normally used when discussing a much more mature businesses. Mostly these are big corporations or large strategic projects. Such a quantity of maps usually takes months and sometimes years to develop. There can be dozens of these maps built, discussed, and analyzed thoroughly. For a small business or a start-up, you just don&#8217;t need this.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Purpose<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The goal of all the maps is to analyze and understand where your company is positioned against your major competitors. The map clearly shows areas where competition is fierce, as well as areas of unrealized potential and possible growth. In order to make a commensurate decision, you need to have at least 10 companies mapped including your own existing or future business. Besides, it is useful to have several groups of competitors:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>industry leaders;<\/li><li>dynamically developing companies;<\/li><li>some particular competitors that you would like to look at (in some particular geographical region of interest, with a special product line, etc.);<\/li><li>obviously don&#8217;t forget to map your own company.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Technique<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, how do you do the mapping? There are a couple of key approaches to this.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most importantly, you need to do your homework and carry out some deeper research on the industry and competitors: check the internet open sources, use available databases, go through forum discussions. It is always helpful to go through in-depth articles that discuss the trends and analytics in your industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An alternative &#8211; or rather complementary &#8211; way to do this is group brainstorming. Gather a team of senior managers, advisers, or partners in your company and generate ideas for the positioning of your business on the strategic choices map. Nevertheless, brainstorm sessions are more efficient when participants come prepared. So it&#8217;s better to have at least the essential maps to be ready so that the team has some materials to work with.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Strategic maps are the central part of any fruitful discussions of a business strategy. Create at least some maps to begin working on a strategy in a systemic way that takes into account both competitors and possible alternatives. Be ready with some background analysis and research.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discussing the strategic dimension maps or strategic choices maps that apply to your business is crucial to any sensible decision-making. The Basics Explanation of what a strategic choices map is, is a separate complex question. For convenience, it is discussed in a separate article available here. Furthermore, for building these strategic maps you need to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[3,9],"class_list":["post-58","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foodtech-industries","category-industries","tag-foodtech","tag-strategic-map"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.3 - aioseo.com -->\n\t<meta name=\"description\" content=\"Strategic maps are the central part of any fruitful discussions of a business strategy. 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