Strategy Formulation
Stated simply, strategy is a road map or guide by which an organization moves from a current state of affairs to a future desired state. It is not only a template by which daily decisions are made, but also a tool with which long-range future plans and courses of action are constructed. Strategy allows a company to position itself effectively within its environment to reach its maximum potential, while constantly monitoring that environment for changes that can affect it so as to make changes in its strategic plan accordingly.In short, strategy defines where you are, where you are going, and how you are going to get there.
History
Strategic planning, as a formalized business process, has been in practice for almost 40 years. However, it is commonplace to find that a grand majority of organizations have no clear concept of how to effectively conduct the planning process. As a result, most strategic plans are poorly conceived and do nothing more than sit on a bookshelf; no real impact is ever made on the company and its activities. Fortunately, within the past decade or so, there have been attempts made to clarify the major components and processes of strategic planning.
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