What Project Managers Need To Know About Strategic Planning

A strategy is a detailed plan for achieving success - the bundle of decisions and activities that one selects to achieve the long-term goals - the path. Every organization must figure out what it wants to achieve and how to make it happen by using its products, customers, and operations. Strategy is fluid, continuous, and iterative and can be broken down into logical steps or elements. Generic strategies of cost leadership, differentiation, and niche player provide a good foundation for the strategic choices each business faces. A comprehensive strategy formulation contains both positioning and execution components. An effective strategy must align between positioning and execution.