Strategy is the process of planning and managing to achieve a set of objectives. It is a tool or plan that guides the development, implementation and execution of business strategy in an organization. Strategy management can be used as a guiding framework for many other areas within an organization such as marketing and finance.
Strategy management is the process of planning and implementing a company’s overall strategy. The term can be used to refer to:
- Strategic planning (also known as strategic management)
- Portfolio management
- Program management
Strategic planning is the practice of developing and executing a long-term vision, mission statement, and goals for your business. It involves considering both short-term and long-term issues; identifying opportunities; assessing risks; selecting strategies based on market conditions or internal constraints; setting priorities based on performance criteria such as profitability or market share; monitoring progress toward objectives.
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