The strategy an organization follows is its plan for how to compete successfully, survive, and grow. Many organizations have a relatively formal process for developing a written strategy encompassing a certain period of time, with objectives and goals identified for each business unit.
Strategic planning is the process of defining organizational strategy, or direction, and allocating resources (capital and people) toward its achievement. The strategic planning cycle typically covers a three-to-five-year time frame, although some firms conduct long-term planning that can cover 10 years or more.
Effective strategy often relies on managers who are willing to closely assess current conditions and develop a game plan that enables the firm to overcome obstacles and sustain success.
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