| Strategy determines
the direction a company should go to fulfill its vision and maximize
the possibility of its future success. Ultimately, a company’s
strategy should answer the questions, “are we doing the
right things?” and “are we doing things right?”.
In addition, strategy defines how and where an organization applies
it’s resources.
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The development of an
organization’s strategy is an on-going process, in the sense
that it must be conceived, tested, put into action, and then measured
over time for success. An organization’s strategy comes from
dialogue among its stakeholders, with executive management serving
as the faciliator and ultimately the leadership for implementation.
A tool called the balanced
scorecard management system, has become a standard method
organizations use for defining and implementing their strategy.
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