How to Define Strategy Development

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Strategy development is defined as a system used to drive a business by creating a vision of what the business should do, and then applying ideas of organization and accountability to pursue a goal. Use strategy development tools to accomplish business goals with advice from a certified public accountant in this free video on business and accounting terms.

Part of the Video Series: Business & Accounting Terms
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Video Transcript

And now we're going to talk about strategic management. Strategic management is a system to drive a business where we take a vision of what we like that business to do and apply ideas of organization and accountability to that strategy and pursue our goal. Let's say for example, we want to sell millions of computers. What would we have to do to be able to sell millions of computers? First we need a source for the equipment, that is the equipment we're going to sell. Will we build it? Will we buy it? Or a combination of both. How will we manage the enterprise to deliver those goods efficiently to our customer base and what resources will we need to make it happen? And then what measurement tools will we have to use to find out if we've accomplished our goals?


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