The discipline draws from earlier pondering and texts on ‘strategy’ dating back hundreds of years. Prior to 1960, the term “strategy” was primarily used relating to war and politics, not business. Many firms constructed strategic planning capabilities to develop and execute the formulation and implementation processes through the 1960s. Companies in industries which might be extremely aggressive will typically answer this question by explaining how the company competes.
There are many tools and methods available to assist with this process, corresponding to SWOT analysis. To know where you’re heading, you have to know the place you might be right now. …
