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Process map for forecastingAssess the market

Strategy formulation involves the study. The Research Chapter describes the methods. The focus is on both the external environment and the internal environment of the firm.

Who does it?

There are many approaches, usually:

  • Assign the work to the team members in pairs, mix the experience levels and cross-functional responsibilities. The learning is across the firm. The mix in experience levels should challenge status quo.
  • Assign the big picture work to the team and have Marketing, R&D or Business Development coordinate the detailed research.
  • Assign the big picture to the team and bring in outside consultants to present detailed research.

The conclusions of the research are shared with the team before the next meeting. People prefer to see a summary of the conclusions rather than the raw data.

 

 



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