BY DR. TANAI CHARINSARN

AUGUST  12, 2016

"Strategy" is not difficult; it's easy to understand and can lead to business success.

When we talk about the word "strategy," very few people truly understand its meaning. Often, executives or businesspeople use the term without fully grasping its true significance. Many marketers also use the word whenever they want to showcase their achievements, but what they present is merely a plan or an activity. It can hardly be considered a genuine business strategy. Therefore, when it comes to conducting business, the term "strategy" implies what an organization does differently from its competitors, leading to superior business results.

For a good strategy, the key is to stand out clearly from competitors to achieve better business outcomes. This is referred to as a "Winning Strategy," a strategy designed to make one's business excel in competition. If a business lacks a good strategy, its operations may be akin to working day by day. It might perform better or worse than its competitors, but it fails to create a distinctive presence. This distinctiveness or excellence of an organization is essential for business success. If we observe businesses worldwide, we'll find that every successful business has something different from others, which enables it to succeed and thrive.

In this context, let's take the example of a bakery business in Thailand that we are all familiar with - the S&P brand. S&P has adapted to the local market environment and effectively responded to consumer behaviors. As a result, the brand continues to enjoy continuous popularity with customers and has expanded its business in various aspects. This is in contrast to many previously famous food establishments that had to close down or couldn't grow.

Example of S&P Business

Monitoring market trends and consumer behaviors is crucial, and the impact of globalization further emphasizes the similarity among people worldwide. Seamless communication allows us to freely exchange lifestyle and technological trends. Therefore, learning the business environment and behavior has a role in helping us develop a suitable strategy for our business. Evaluating whether our business has a good strategy or not is necessary.