Strategy in Turbulent Times

PREFACE AND ACKNOWLEDGMENTS 9

Chapter 1 THE FUTURE ISN’T WHAT IT USED TO BE 13
Key questions addressed in this chapter 14
What if competitors are not your biggest nightmare? 15
What is turbulence? 17
VUCA, VUCA, VUCA 21
Many different turbulence recipes 25
Are the traditional strategy models obsolete? 29
Towards a new turbulence strategy playbook 32
Turbulence animal farm 37
Key takeaways 39

Chapter 2 BUILDING CORPORATE FORESIGHT 41
Kurt Verweire & Koen Tackx
Key questions addressed in this chapter 42
What is corporate foresight? 44
Steps in the sensing process 48
Step 1: Scanning—Identify change drivers that might affect future performance 48
Step 2: Prioritizing—Focus your attention on the change drivers that matter 51
Step 3: Futuring—Explore plausible futures 53
Step 4: Framing—Examine implications and brainstorm on potential reactions 59
Biases in the sensing process 62
Building a vigilant organization 66
Key takeaways 73

Chapter 3 STRATEGIZING IN TURBULENT TIMES 75
Kurt Verweire, Koen Tackx & Walter Van Dyck
Key questions addressed in this chapter 76
A shaving powerhouse gets challenged 78
Many options available 79
Playing offense or defense? 81
Reacting to turbulence inside versus outside the core 83
Business model innovation 86
How to react to turbulence 93
Camel strategy: Core resilience 94
Salmon strategy: Corporate innovation 96
Chameleon strategy: Core transformation 99
Octopus strategy: Corporate transformation 101
What strategy did Gillette choose? 104
Which strategy when? 107
Key takeaways 113

Chapter 4 CHAPTER OF THE CAMEL – CORE RESILIENCE 115
Key questions addressed in this chapter 116
The camel: A master of core resilience 118
Camel story #1: Can you still rock in a crisis? 119
Camel story #2: Is a crisis period the right time for innovation? 122
Camel story #3: Can camel endurance help you become a market leader during a crisis period? 125
Camel story #4: How to get ready for the extreme and unexpected? 128
Core resilience: A combination of different tactics 131
Crisis management: The art of bouncing back 136
Building resilience: How to react proactively 139
Agility management: Surfing the waves of volatility and uncertainty 144
What about your camel capabilities? 150
Key takeaways 153

Chapter 5 CHAPTER OF THE SALMON – CORPORATE INNOVATION 155
Key questions addressed in this chapter 156
The salmon: A master of corporate innovation 158