Business strategy is usually a formal plan that is made seeing the way the organization goes about its business. It is has the major objectives, goals and essential policies for achieving the set goals.
There are four stages of formulating a strategy:
– Consider environmental changes which bring about new opportunities and pose new threats.
– Assess internal strengths ad weaknesses of the organization and measure out its ability to respond to those opportunities and threats.
– There should be a decision-making process that is influenced by values, preferences and power of interested parties.
– Lastly, there should be a strategy generating process concerned with generating options and the evaluating them.
Such stages should not be confined to only business strategy planning but can be used in daily routine processes and problems as well.