Strategy development is a process of gathering broad range of information in order to analyze it for patterns, linkages and interrelationships. This will help establish a plan of action necessary to improve the company’s position in the marketplace. This could be higher level of quality, product feature differentiation, cost leadership or other objectives.
The most effective business vision is not necessarily the most creative, although it is always beneficial to have originality. It is often almost obvious and consists of ideas that have already been thought through by others. The key, however, is to establish a vision that balances the needs of your company’s key constituencies, which include customers, stockholders and employees. Favoring one over the other often leads to trouble. The vision should be easy to translate into a good competitive strategy with tactical steps to implement it.