Strategy development considers the direction your company will take and the methods by which the strategy might be pursued. Your company may have several strategic directions open to it – you might diversify into new products, enter new international markets or develop your existing products through innovation. These directions can be pursued differently e.g. you may acquire a business already making the product or you could partner with another company.
Strategy development is fundamental to creating and running a business. Simply put, it’s a game plan but like a game plan, it is capable of being changed in response to shifting market dynamics.