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. This is our wonderful control mechanism starting from Innovation, Team, Management, Ideas, Opportunities, prospect, Performance, Goals, etc