May 15, 2008 (LBO) – Strategy in business continuously changes and businesses must plan and adopt strategies by studying key market components for better results, a top Sri Lanka business executive said. When executing strategy, companies must understand their consumer, competitors, the role of the economy, the supply side and distribution lines in relation to their business, Lalith De Mel, chairman of Hemas Holdings and Kshatriya Holdings says.
“The consumer, the economy, competitors, supply and distribution side keeps changing, this is why strategy has to be a continuous process, it is not static and we have to adapt,” he said at the LBR LBO CEO Forum held Tuesday in Colombo.
Consumers, economy and competitors are straight forward and predictable and changes most often occur in supply and distribution sides, he says.
The strategy to accelerate company growth and have higher earnings is to go into new product or brand segments, revitalize existing brands or stretch brands but it must be done after studying the trends in the five components.
“Although you look at this five component parts, it is possible to look and not see¦” De Mel says.
De Mel who w