WHAT IS STRATEGY ?
Strategy is a high-level plan to achieve one or more goals under conditions of uncertainty. A strategy describes how the ends goals will be achieved by the means resources. Strategy generally involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.
A strategy describes how the ends (goals) will be achieved by the means (resources). It involves activities such as strategic planning and strategic thinking.
WHAT IS STRATEGY DEVELOPMENT ?
Strategy development consist of several interwoven components such as creating and running a business. To put it differently, it is important to emphasize that this is a plan which sets specific goals and objectives. It should not be forgotten that it is up to being changed in accordance with market dynamics.
What is more, strategy is management's game plan for strengthening the performance of the enterprise. It states how business should be conducted to achieve the desired goals, that is to say, the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives.
THE DYNAMICS OF STRATEGY DEVELOPMENT
In the dynamics of strategy development, the stategic management process is crucial due to the fact that the strategic management process is more than just a set of rules to follow. Besides, it is a philosophical approach to business. In the first place, top management have to think strategically, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy.
A GOOD STRATEGY
A good strategy is a controversial issue, to solve this situation, we begin by taking a closer look at refining the elements of strategy. To begin with, it is vitally important that we should not confuse piece of strategy for a strategy itself. As was be mentioned above, a strategy is an integrated how it will compete against its rivals. A strategy consists of an integrated set of choices.
Senior managers are introduced to tools and processes that help them get highly focused on critical strategic targets and establish a common strategy framework thanks to strategy working sessions which are active and focused provide leaders with an opportunity to apply practical strategy skills and tools. As they determine how to navigate strategic shifts and develop new sources of competitive advantage for the organization that have far-reaching implications.
THE STEPS OF STRATEGY DEVELOPMENT
- Collect data to understand which features the business has: the business drivers, current business model, history of the organization, and dilemmas the organization faces. All of these, to understand the organization’s current strategy process and plan of action.
- Make an analysis the current priorities, initiatives, and programs and assess how they can be utilized to maintain continuity in addition to developing an understanding of the changes that are needed to position the company for long-term success.
- Design a customized strategy process or methodology that addresses the organization’s needs and meets its requirements.
THE ADVANTAGES AND DISADVANTAGES OF STRATEGY DEVELOPMENT
First of all, one of the advantages of strategy development is involvement of different stakeholders and leading strategy to guide further action. When it comes to the second point, at the heart of the matter lies another contributing factors which are possibility to adapt policies and legal framework and support of local decision makers.
On the other hand, there are some disadvantages. One of therse disadvantages is that development of strategy is time consuming, besides, awareness raising takes time but is crucial. What is more, needs to be down to earth and feasible.