Ask any successful business owner and they will tell you their success was not based on luck. The most sophisticated use of this approach, however, is typically by those making use of PIMS (Profit Impact of Management Strategies), initiated by the General Electric Company and then developed by Harvard Business School, but now run by the Strategic Planning Institute.

In the past, when companies witnessed rising levels of uncertainty and volatility in their industry, a perfectly rational strategic response was to observe for a little while, letting others incur the costs of experimentation and then moving as the dust settled.

Here’s another interesting point about strategy (or strategies): You can also have a strategy for each of your social media channels, such as a Facebook marketing strategy , an Instagram marketing strategy , and so on, which all lead up to your overall social media marketing strategy.

With this strategy, you make your product as exclusive as possible, making it more attractive than comparable products offered by the competition Succeeding using this strategy requires good research & development, innovation and the ability to deliver high quality.

Contributions are encouraged which examine the ways in which the private sector can contribute to development through its goods and services, management of value chains and through partnerships with other stakeholders to create positive development outcomes.