Developing a strategy of the organization.
"Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations".
In other words, strategy is about:
|* Where is the business trying to get to in the long-term (direction) |
|* Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope) |
|* How can the business perform better than the competition in those markets? (advantage)? |
|* What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? |
|(resources)? |
|* What external, environmental factors affect the businesses' ability to compete? (environment)? |
|* What are the values and expectations of those who have power in and around the business? (stakeholders) |

This topic is really urgent as forming and implementation(realization) of a strategy is an indispensable part of running a company. The process of strategy development is challenging and consists of many interrelated factors. The effectiveness and potential of a company depends on these factors and circumstances.

Manager should clearly set a goal to reach results, as the aim is the description of a result, but a strategy means achievement of this result.

Consequently, to define a strategy, firstly we have to observe the