It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.Strategy has many definitions, but generally involves setting strategic goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.
The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map.
Companies may also plan their financial statements (i.e., balance sheets, income statements, and cash flows) for several years when developing their strategic plan, as part of the goal-setting activity.
The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.
These elements are considered throughout the strategic planning process.
How close they are to the strategic goals and vision will determine the success or failure of the strategic plan.
There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.
Data is gathered from a variety of sources, such as interviews with key executives, review of publicly available documents on the competition or market, primary research (e.g., visiting or observing competitor places of business or comparing prices), industry studies, etc.
This may be part of a competitive intelligence program.
A strategy describes how the ends (goals) will be achieved by the means (resources).
The senior leadership of an organization is generally tasked with determining strategy.