Strategy is a method or action for achieving the chosen objectives.
The process of strategy setting involves the following stages:
- develop possible alternative strategies – scenario planning is often practiced
- evaluate them by their:
- acceptability – whether it is acceptable to the key stakeholders
- suitability - whether it is in line with the entity´s mission statement and exploits the opportunities and strength and minimizes threats and weaknesses
- feasibility – whether it is achievable in terms of resources such as available raw materials or funding, competencies and staff skills
- select the best strategy