Strategy Canvas is a tool for visualizing a company's competitive landscape. It helps identify factors the industry competes on. This tool reveals opportunities for new market spaces (Blue Oceans).
The strategy canvas represents a company's position in the market relative to its competitors.
By leveraging the strategy canvas, companies can set industry standards and differentiate themselves from competitors.
The strategy canvas empowers strategic planning by providing a framework for continuous analysis and adaptation, ensuring businesses stay ahead of industry trends.
Emphasizes the importance of focusing on under-served areas such as user-friendliness and customer support.
Learning Materials
What is a Strategy Canvas?
A Strategy Canvas is a tool for visualizing a company's competitive landscape. It plots key industry factors on a graph to show competition levels. This visual helps identify strengths and weaknesses relative to competitors.
Businesses use it to find innovation opportunities. It highlights over-invested or under-invested areas in the industry. The Strategy Canvas encourages creating new market spaces (Blue Oceans). Blue Oceans are uncontested markets, ideal for growth.
This tool shifts focus from direct competition to value innovation. It helps create new demand, leading to strategic growth. The Strategy Canvas promotes unique value propositions and market leadership.
How to Create a Strategy Canvas?
Understanding the benefits of business strategy canvas is crucial for organizations aiming to excel in competitive markets. To create a strategy canvas, start by identifying key industry factors. List these factors on a Strategy Canvas template. Gather data on your company and competitors for these factors.
Plot the data points on the template to visualize competition. Analyze the graph to identify strengths and weaknesses. Look for areas where the industry over-invests or under-invests.
Identify opportunities for value innovation in under-served areas. Focus on creating new market spaces, also known as Blue Oceans. Use the Strategy Canvas to shift focus from competition to innovation.
The benefits of a business strategy canvas include clearer strategic insights and market differentiation. Regularly update your strategy canvas to stay ahead of industry trends. Use it as a dynamic tool for continuous strategic planning.
Strategy Canvas Example
Here is a strategy canvas example for the fintech industry:
1. Identify Key Factors:
User-friendliness
AI sophistication
Price
Customer support
Data security
2. Gather Data:
Collect data on competitors' performance in these areas.
3. Plot the Data:
Use a Strategy Canvas template to plot these factors.
4. Analyze the Graph:
Identify competitors' strengths and weaknesses.
5. Example Analysis:
Competitors focus on AI sophistication and data security.
PrometAI can emphasize user-friendliness and superior customer support.
6. Business Model Canvas Strategy:
Highlight unique value propositions.
Identify under-served areas for value innovation.
7. Create New Market Spaces:
Using this Strategy Canvas example, PrometAI can create new market spaces.
This approach ensures strategic growth and differentiation.