I. ENVIRONMENTAL ANALYSIS: What do we know about?
GROWTH INTENTION: What is the credit union's growth ambition?
What products? To which member segments?
for each segment:
- Grow market
- Rebuild market
- Hold market
- Harvest market
- Exit the
II. THRUST LEVEL:
How will we grow? What is our sustainable competitive advantage?
- Unique Product/Price
Delivery System (Service Quality) ''Convenience''
ORGANIZATION: Are we organized to carry out our leading
thrusts? Identify key success factors-those that must be completed
III. OBJECTIVES: What are the operational
priorities? What is the financial outcome of our strategy? Personal
performance goals are set.
What is Strategy?
A credit union's
strategic plan provides the framework for budget decisions. But
what is strategy?
purpose is to answer the question-what is my credit union's sustainable
Is my advantage
versus my competitor's advantage based on:
- Better pricing?
- Unique products
- More convenient
unions must be competitive in all aspects; however, they routinely
try to have a ''leading thrust'' that distinguishes them
from their competitors.
The key strategic
assessment is to ask how much of a course change does the credit
union have to make in its core business activities if it is to maintain
unions have a planning process in place. The primary purpose of
this process is to answer the question-how much change do we need
To answer this
question, we suggest a framework that organizes the process in three
the competitive triangle. This activity examines the following
questions: what do we know about the driving forces on our members/
marketplace, what do we know about our competitors, and what are
our own firm's strengths and weaknesses?
of this analysis should be a summary of the major opportunities
and threats facing the credit union.
your competitive advantage.
Strategy addresses the following issues:
- Where are
the growth opportunities for the credit union?
- How will
you compete to achieve these opportunities?
- What are
the key success factors necessary to support your competitive
Effective strategy is a balance among multiple outcomes including
financial goals, market share increases, improvement processes and