Strategy development is a process through which organizations strive to achieve the following:
- Agreement/communication of a vision/mission which provides overall direction for the business i.e. corporate goals/objectives
- Agreement on key focus areas, and the course of actions to achieve them
- Prioritization of Resource allocation
The process involves activities such as: Planning, diagnostic review, strategy development (corporate), agreement of strategy plan (usually during retreats.) and deployment of strategic plan.
- Provides an opportunity for continuous review/update of corporate goals in line with global and national trends.
- The executives have the opportunity to think through and align their businesses with their competitive advantages.
- Provides learning opportunities for the middle management teams
The vision statements, the strategic plans, follow up activities-deployment.