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Strategy provides an execution framework for the business vision. The challenge is to transform strategy into executable tactics.
Although strategy is relatively static (it makes no sense to have a new strategy every week) it is influenced by events such as the opportunity leverage new technology to support the customer in innovative ways or the creation or acquisition of a new family of products.
Strategic planning is a highly collaborative endeavor with a life-cycle spanning identification and engagement of stakeholders, through product development, promotion, sales, and support.
Strategic planning focuses on assessing long term viability of opportunities in terms of
- Benefit and value to the customer
- Profitability, customer satisfaction and retention
- Market and mind share
- Execution timeline vs. window of opportunity
- 2nd and 3rd generation enhancements – long term evolution