A four‐cycle approach to strategy development and implementation

Effective strategy development and planning is an organization's most powerful means of controlling its destiny. Strategy is simply the management of change—the intelligent adaptation to external circumstances and the conscious creation of a desired future. Without a systematic, formal strategy development process, the quality of strategy is likely to be hit or miss. Only with a good long‐term strategy—and consistent implementation—will a company be able to beat competitors in meeting customer wants and needs.