Strategy Development Best Practices

Flevy Management Insights: Strategy Development

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Strategy Development is the process of defining and implementing the actions and decisions that an organization will take to achieve its strategic goals. It involves analyzing the organization's current situation, identifying its strengths and weaknesses, and developing a plan for how it will achieve its goals in the future. This can include defining the organization's goals and objectives, identifying its target markets and customers, and developing its Value Proposition and Competitive Advantage.

Strategy Development typically involves a number of different analysis frameworks to examine various facets of the organization itself, competitors, product & service offerings, market & industry, and customer profiles. Through these analyses, we develop hypotheses and assumptions—and ultimately formulate our Strategy.

For example, the analysis may involve conducting market research to better understand customer needs and preferences; analyzing the organization's internal operations to identify areas for improvement; and developing and testing different strategic options. Strategy Development may also involve collaboration and input from a wide range of stakeholders, including senior leaders, managers, employees, and customers.

Strategy Development is a critical function that helps organizations define their directions and strategic plans for the future. By developing a clear and comprehensive Corporate Strategy, organizations can align their resources and efforts—and increase their chances of achieving their goals and realizing their full potential.

There is a plethora of Strategy Development frameworks, from classic Strategy frameworks (e.g. Porter's Five Forces, BCG Growth-Share Matrix, Value Disciplines Model) to newer age Strategy models. We have written an in-depth article on Strategy, which covers all phases of the Strategy process, from Strategic Planning to Strategy Development to Strategy Deployment and Execution. We also have a complimentary presentation on Strategy Development & Execution, which introduces 12 strategic frameworks.

For effective implementation, take a look at these Strategy Development best practices:

Explore related management topics: Strategic Planning Competitive Advantage Corporate Strategy Value Proposition Market Research Strategy Deployment Growth-Share Matrix

Strategy Development FAQs

Here are our top-ranked questions that relate to Strategy Development.

What are the key indicators that a company's sustainability efforts are effectively integrated into its corporate strategy?

Effective integration of sustainability into corporate strategy is indicated by Leadership Commitment, Strategic Alignment with core operations, and Measurable Impact with transparency, ensuring long-term business resilience and value creation. [Read full explanation]

What impact are geopolitical shifts having on global strategy development, and how can companies adapt?

Geopolitical shifts necessitate agile Strategy Development, Risk Management, and Digital Transformation, with organizations like Apple and Siemens leading by diversifying supply chains and investing in technology for resilience. [Read full explanation]

In the context of increasing global competition, how can companies identify and capitalize on new market opportunities during the strategy development phase?

Identifying and capitalizing on new market opportunities in the Strategy Development phase involves a strategic, data-driven approach that includes Market Analysis, Consumer Insights, Strategic Partnerships, and leveraging Digital Transformation for sustainable growth. [Read full explanation]

How are companies incorporating the principles of the circular economy into their strategic planning to drive sustainability and innovation?

Organizations are integrating Circular Economy principles into Strategic Planning to drive sustainability and innovation, leveraging Digital Transformation, sustainable supply chain practices, and business model innovation for environmental and economic benefits. [Read full explanation]

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Related Case Studies

Innovative Customer Engagement Strategy for Boutique Hotels

Scenario: A boutique hotel chain is facing a stagnation in revenue growth and a decline in customer loyalty, highlighting a pressing need for strategy development.

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Strategy Development for a Rapidly Scaling Tech Firm

Scenario: A fast-growing technology firm, experiencing a 100% increase in its customer base and revenues over the past two years, is struggling to align its strategic objectives with its rapid growth.

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Revenue Growth Strategy for Boutique Hospitality Firm

Scenario: The organization is a boutique hospitality provider specializing in luxury experiences, facing competitive pressures in a saturated market.

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Strategic Development Initiative for a Global Education Provider

Scenario: The organization is a global education provider grappling with digital transformation and market diversification.

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Direct-to-Consumer Strategy Blueprint for Sustainable Food Brand

Scenario: The organization in focus operates within the direct-to-consumer (D2C) niche of the food and beverage industry, specializing in sustainable and organic products.

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Operational Excellence Strategy for Healthcare Clinics in North America

Scenario: A regional network of healthcare clinics is embarking on Strategy Development to address stagnating patient satisfaction scores and increasing operational costs.

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