Every organization needs a strategy to be able to turn its vision into reality. This strategy is developed through a series of steps that involves strategic thinking and analysis of a certain set of information. Most successful organizations usually have a strategic development process instituted that enables them to go through these steps. Although the strategic development process for each organization may vary slightly, the core dimensions that are addressed include the following:
- Market Analysis – This involves analyzing current market conditions in terms of demand, supply, market structure, and so on before an organization’s strategy can be formulated.
- Assessment of Customers and Audience – This involves getting an understanding of one’s audience and potential customers in terms of their preferences, behaviors, etc.
- Products and Services – This dimension analyses the available products and services in the market from competitors, and analyzing one’s product and services portfolio in that light to identify future opportunities.
- Competitive Analysis – Analysis of this dimension involves identifying your organization’s key competitors, their market positioning, and an assessment to compete with them in the marketplace.
- Assessment of Suppliers and partners – Every organization requires partners and suppliers to help it meet its goals and objectives. This dimension analyzes the market and one’s suppliers and partners to assess an organization’s strengths and weaknesses in an effort to create future opportunities.
The above are some of the key dimensions that must be assessed in the strategy development process. For each of these dimensions, the organization should do a current assessment and based on the future trends, develop an appropriate strategy.
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