MKT 401 – Lecture Notes
Chapter 2
2. The process of strategy development
Strategy development is the process of creating a plan of action to achieve specific
goals and objectives. It involves analyzing the current situation, identifying
opportunities and challenges, and determining the resources and actions necessary to
achieve success.
There are several steps involved in the process of strategy development:
1. Identify the organization's goals and objectives: The first step in strategy
development is to clearly define the organization's goals and objectives. These
should be specific, measurable, achievable, relevant, and time-bound (SMART).
2. Conduct a SWOT analysis: A SWOT analysis is a tool used to identify the
organization's internal strengths and weaknesses and external opportunities
and threats. This helps to identify the organization's current position and what
it needs to do to achieve its goals.
3. Set strategic priorities: Based on the results of the SWOT analysis, the
organization can set strategic priorities, which are the most important areas
that need to be addressed in order to achieve the organization's goals.
4. Develop a strategy: Once the strategic priorities have been identified, the next
step is to develop a strategy to achieve these priorities. This may involve
identifying specific actions and resources needed, as well as setting targets and
performance indicators to measure progress.
, 5. Implement the strategy: The next step is to put the strategy into action. This
may involve making changes to the organization's structure or processes,
allocating resources, and communicating the strategy to employees and
stakeholders.
6. Monitor and evaluate progress: The final step in the strategy development
process is to regularly monitor and evaluate progress against the organization's
goals and objectives. This may involve collecting and analyzing data, adjusting
the strategy as needed, and communicating progress to stakeholders.
It's important to note that strategy development is an ongoing process and may need
to be revised and updated as circumstances change.
2.1 Strategic Analysis
Chapter 2
2. The process of strategy development
Strategy development is the process of creating a plan of action to achieve specific
goals and objectives. It involves analyzing the current situation, identifying
opportunities and challenges, and determining the resources and actions necessary to
achieve success.
There are several steps involved in the process of strategy development:
1. Identify the organization's goals and objectives: The first step in strategy
development is to clearly define the organization's goals and objectives. These
should be specific, measurable, achievable, relevant, and time-bound (SMART).
2. Conduct a SWOT analysis: A SWOT analysis is a tool used to identify the
organization's internal strengths and weaknesses and external opportunities
and threats. This helps to identify the organization's current position and what
it needs to do to achieve its goals.
3. Set strategic priorities: Based on the results of the SWOT analysis, the
organization can set strategic priorities, which are the most important areas
that need to be addressed in order to achieve the organization's goals.
4. Develop a strategy: Once the strategic priorities have been identified, the next
step is to develop a strategy to achieve these priorities. This may involve
identifying specific actions and resources needed, as well as setting targets and
performance indicators to measure progress.
, 5. Implement the strategy: The next step is to put the strategy into action. This
may involve making changes to the organization's structure or processes,
allocating resources, and communicating the strategy to employees and
stakeholders.
6. Monitor and evaluate progress: The final step in the strategy development
process is to regularly monitor and evaluate progress against the organization's
goals and objectives. This may involve collecting and analyzing data, adjusting
the strategy as needed, and communicating progress to stakeholders.
It's important to note that strategy development is an ongoing process and may need
to be revised and updated as circumstances change.
2.1 Strategic Analysis
