Watch the video posted below, and prepare a brief summary report that includes your reaction to and

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Question:

Watch the video posted below, and prepare a brief summary report that includes your reaction to and observations about this video.

https://youtu.be/yB7JsAQ3gBA

It reaffirms that strategy really is a broad subject, and it will differ from industry to industry, as well as from company to company. The thing that stood out most to me was that pretty much before anything else, you must decide the type or types of strategy your business should use. It is interesting to note that very few strategies are actually original. The video mentions, though, that by using the generic ones, you can then create the right assembly and approach of strategies to use for your own. The recurring theme in this class, and with strategy in general, is that a company must be unique, and/or offer something that is unique in order to fully thrive and be successful. This coincides with the video mentioning that a business needs to find its niche, which will then help competition be deterred. Another important lesson I gained from the video was the combination of the SWOT Analysis, between two of the sections of it at a time. Using the right strategies when they are combined can be a huge advantage to a business. The video also shared a pyramid of strategies that companies will use. I thought it was important to note that to solve strategic issues on the lower level, there must be clarity of the higher level strategic issues, almost forming some sort of domino effect. So, the higher up you can solve the strategic issues at, the better off your company will be. When working with and developing your strategy, you have to take into account internal and external aspects of your company and go from there. There could be similar strategies between the two, but there will also be many differences in them, especially when outside factors play a role. Many times your strategies can help determine whether or not you company should or even can grow. There are many ways to figure out just which strategies will suit your company best, and things like your industry, how big your company is, location, etc. will all lend a helping hand in determining such strategies to use.