In science and art, the fourth dimension may be a mystery. But the fourth dimension in business management-the purpose-has a core strategy that drives growth (the other three being market, stakeholders and innovation) Companies have long been considering purpose in their policies; on the soft side though (e.g. improving employee relations). The shift (purose as the core strategy) is necessitated to stay afloat in the fast changing world.
The Purpose Chart
Conclusion
How purpose guides the strategy is the leadership decision and varies from company to company. Once decided, the success demands a sustained monitoring and quick remedial actions, if needed.
Learners’ Opportunity
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Discussion Question
Purpose, market, stakeholders, innovation; what would be your prime business strategy? Why?
Key Words
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Source Article
Thomas W. Malnight, Ivy Buche, and Charles Dhanaraj- Put Purpose at…… –Harvard Business Review-