Rapid Strategy Development
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Situation
- North American Business Unit of a global advertising and market research firm, with approximately $1B in revenue
- Revenue and margins rapidly declining as the nature of advertising changed in response to new media
- Needed a 3 year strategic plan to define their competitive position and align functional decisions
Actions Taken
- Formed executive team with cross-functional representation
- Two day kick-off workshop defined the objectives, approach and expectations
- Core team members participated in weekly planning and review sessions
- Team members prepared “homework” each week as input to the strategic plan
Results
- The eight week program concluded with another two day workshop
- This workshop was used to set final priorities, agree upon performance targets and develop action plans
- Each executive team member then developed functional strategies for their individual area
- Firm returned to profitability within 12 months and continued to gain market share
- Cooperation and alignment increased dramatically across functions
- Turnover at the executive level dropped to near zero