A strategy is an outline of a plan designed to achieve specific goals. It involves allocating resources and actions toward achieving these objectives. In business, a company's strategy is its plan for using its resources to succeed in the market. The process of developing a company's strategy is known as strategic planning. Strategic planning is a process organizations use to map out their objectives for the coming years. By looking ahead, businesses can change and adapt their plans to achieve those goals better. The first step in strategic planning is to analyze the present situation. It includes a study of the company's assets and liabilities and an appraisal of its possibilities and threats. Once the current situation has been analyzed, these should be specific, measurable, achievable, relevant, and time-bound. With the goals and objectives set, the company can create a strategy for achieving them. This plan should consider the company's advantages and disadvantages and potential opportunities or threats. Once the strategy is developed, it's time to implement it. This includes creating a plan of action and setting deadlines. The company should then monitor the results

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