Strategy development comprises integrated work to determine the direction for future business growth. Developing a strategy consists of the following key stages:
- analysis of the current state of the business and determining future objectives
- analysis of the internal and external conditions
- defining growth potential, identifying clear advantages and limitations
- creation of a development strategy.
Company strategy development is required in the following situations:
- entering new markets or regions
- boosting a company’s market position
- improving a company’s financial situation
As a result of the development strategy, a company’s strategic aims and functional strategies are established. Functional strategies consist of commercial and marketing strategies, promotional strategies, as well as organisational development strategie, etc.
A business development strategy is a structured scheme for creating new levels of business.