Developing strategy, put simply, is about determining where an organisation aims to be in the future and putting in place the framework for achieving this.
However, developing a strategy is by no means a simple process.
This article provides an overview of three key stages of developing a strategy - Analysis, Options and Selection and Implementation.
ANALYSIS: The aim of the analysis process is to define an organisation’s identity and purpose. An analysis may be based on either:
- the resources that the organisation currently has and the best ways of capitalising on these (sometimes described as the Resourced-Based View, or an ‘inside-out’ approach); or
- how the organisation positions itself within its industry, relative to its competitors (sometimes described as the Positioning View, or an ‘outside-in’ approach)
The process of analysis can itself be broken down into three sub-sections:
- Purpose - an organisation’s strategic aim or eventual goal
- Environment - the internal and external factors that will affect an organisation in pursuit of its strategic purpose
- Capabilities - the way in which an organisation goes about achieving its strategic purposeContinue reading