Strategy Consulting entails specifying the organisation’s mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.
Strategy Consulting, often seen as the most edifying of consultancy work, makes those high-level decisions that can propel an organisation into new levels of growth. Whether it is entering new markets, analysing what your competitors are doing, advising on mergers or even aligning the operational strategy to your overall company vision, this kind of work can be the most sought after by those entering the consultancy world.
There are a number of strategic categories:
Mergers and Acquisitions
This is the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity.
Operating Model Strategy
An Operating Model is a representation of how an organisation operates across process, organisation, technology domains in order to deliver value defined by the organisation in scope. This feeds into the overall business strategy and shapes the direction of the company going forward.
Pricing Strategy
Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labour and advertising expenses and then add on a certain percentage so they can make a profit. There are several different pricing strategies, such as penetration pricing, price skimming, discount pricing, product life cycle pricing and even competitive pricing.
Sales and Marketing
A marketing strategy is a process that can allow an organisation to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centred around the key concept that customer satisfaction is the main goal.
Strategic Growth
This is a strategy aimed at winning larger market share, even at the expense of short-term earnings. Four examples of growth strategies could be: diversification, product development, market penetration and market development
Strategy Consulting requires excellent analytical and commercial skills, but also the ability to be able to converse credibly and persuasively with senior corporate executives. Therefore, experience of having worked in strategic roles prior to consulting is generally essential, as is an excellent academic background.
You may have come from an internal strategy role with a leading blue-chip or have been with a consultancy already. Either way, you will have been working on high-profile work with an emphasis on at least one of the strategy categories mentioned above, in addition to holding a stellar academic track record and a strong career progression to date. For more senior levels, evidence of business development will be essential.
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