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 Real Options/Strategic Options Summary Produces positioning maps to assess various strategic options. Traditionally, the financial tool most widely relied on to estimate the value of strategy, discounted cash flow (DCF) valuation, assumes that management will follow a predetermined strategic plan, regardless of how events unfold or what new information is obtained. Ideally, executives would like to address flexibility and uncertainty in their strategies when assuring them. Option pricing is a tool which enables executives to do just that, improving decision making about the sequence and timing of a portfolio of strategic investments. Option space is a way to visualize the various options for an executive; it gives them a way to “draw” a strategy in terms that are neither wholly strategic nor wholly financial but some of both. Real Options/Strategic Options Discount Stores Client General Store Specialty Stores Non-Cost Cost General Merchandise Specialty Merchandise WHERE TO COMPETE EXISTING STRATEGY HOW TO COMPETE Option Space Divided into Regions “The Tomato Garden” higher lower Volatility Value-to-cost 1.0 0.0 Region 6: Never. Rotten tomatoes, Invest Region 1: Now. Ripe tomatoes, Invest Region 5: Probablynever. Late blossoms and small greentomatoes  Less promising green tomatoes Region 4: Maybe later Inedible, but very promising tomatoes Region 3: Probably later Region 2: Maybe now. Imperfect but edible tomatoes Approach Real Options/Strategic Options When To Apply When you wish to identify various strategic options (positioning), which outline where and how to compete. STEP DATA REQUIRED SOURCE(S) 1. Determine the trademark axes for the matrix 2. Determine the company’s existing strategy against the industry 3. Generate alternative strategic options for the company and plot them on the matrix An understanding of the client’s current positioning, vis-a-vis competitors Understanding of strategic options available Interviews with senior management