What is meant by strategy development?

Strategic development begins with good strategic planning. It is clearly a process where a well drafted strategic plan is put forth and developed into an effective strategy which will benefit the industry / organization and provide value to their clients as well. Shaping keen insights into good strategies requires deep interpersonal engagement and debate from senior executives, as well as the ability to deal with ambiguity in charged and often stressful circumstances.it is important to understand how a strategy is developed. One needs to consider the building blocks such as to  frame, diagnose, forecast, search, choose, commit and evolve which help companies to make strategic choices and carry them through to operational reality. Companies do better when they ground all their strategy-development efforts and processes in an understanding of the building blocks of strategy. It’s a crucial struggle. No strategy, however brilliant, can be implemented successfully unless the people who have the most important jobs know what they need to do differently, understand how and why they should do it, and have the necessary resources.

Creating strategy in today’s environment of complexity, ever-changing priorities, and conflicting agendas is a daunting task. Yet when senior executives invest the time and effort to develop a more thorough, thoughtful approach to strategy, they not only increase the odds of building a winning business but also often enjoy a positive spin-off: the gifts of simplicity and focus, as well as the conviction to get things done.

Every organization or even  business units set goals for themselves, strategy development is a process of  identification of paths and means to acheive those goals...."lay man words"!

strategic planning, is fundamental to creating and running a business. Sets specific goals and objectives it is capable of being changed in response to shifting market dynamics.

Strategic development has4 components:

Awareness

Planning

Development and

Results

Awareness

Planning

Development & corrective actions

Results