Toyota
Astrategic decision is one that has such major long-term implications that it is virtually irreversible, such as Waterstones’ mistake in deciding to leave UK online bookselling to Amazon. A strategic vision may be faulty (such as Waterstones’ boss saying that online bookselling would never reach 10% of the market) or it may be inspired, such as Steve Jobs’ visualising a future for Apple in consumer electronics instead of just computing.
Business leaders with strategic vision have sufficient understanding of the future to anticipate customers’ future needs. Often this vision takes some time to turn into profitable sales, therefore it represents a big gamble for the business and no less of a gamble for the bosses associated with the key decisions involved. It can be easy to identify great strategic visions with the benefit of hindsight — at the time they represent great risks.
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