Chapter 3 - The strategy process

Question 1

What are the four steps of a strategic cycle?

Answer 1

1) Analysis
2) Planning
3) Implementation
4) Control

Question 2

Explain the four steps of the strategic cycle!

Answer 2

1) Analysis

Start with analyzing the environment to better understand the external and internal environment. This should take up to 70% of the time when developing a strategy, otherwise companies are taking a huge risk.

2) Planning

After understanding the environment, we start to make choices by creating our business definition. Define mission, setting goals and objectives.

3) / 4)

Making commitments by translating strategies into action plans and defining KPIs to do the follow-up; check if the actions are indeed contributing to the overall strategy