Business Strategy
Strategy Mind-Map: How to Use and Practical Implications

Article Details
Pub. Date : March' 2020
Product Name : The IUP Journal of Business Strategy
Product Type : Article
Product Code : IJBS20320
Author Name : Rohit Kumar*
Availability : YES
Subject/Domain : Strategic Journals
Download Format : PDF Format
No. of Pages : 13

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Abstract

There are multiple tools used by executives for formulation and execution of company's business strategy. In this paper, mind-map tool is explained and used to demonstrate how executives can think about their company's strategy. Using strategy as a 'central idea' and through illustration, the paper suggests seven different factors that are critical for strategy formulation. The seven criteria are discussed in detail and practical implication of each is summarized.


Description

Communities and organizations need strategies to ensure their members are efficient and effective information users (Corrall, 2008). There are multiple tools that are used by executives to enhance knowledge regarding formulation of company's business strategy. There are many frameworks that have been developed by researchers, but managers in organizations find it difficult to apply them in practice (Earl, 2001). However, there are studies carried out by researchers that suggest that the results derived through application of a strategic management tool (e.g., SWOT analysis) can be utilized to formulate a knowledge management strategy (Begon and Todorova, 2010). The tools are also at times used for generating new ideas and solutions. One such creative tool for idea generation is the mind-map.


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