Today’s article focuses on the final outcome of the SWOT analysis process: strategy. Let’s take a look at the whole process once again:
What is strategy?
Quoting the definition from Wikipedia:
Strategy (from Greek στρατηγία stratēgia, “art of troop leader; office of general, command, generalship”) is a high level plan to achieve one or more goals under conditions of uncertainty. Strategy is important because the resources available to achieve these goals are usually limited.
Take a look at an analogy from real life. Let’s imagine that we want to go on vacation by car. First we need to choose our travel destination and take under consideration our resources (how many days of holidays do we have, how much money do we have, etc…). When we choose a destination, we need to define the route (select places for pit stops, check fuel cost, cost of tollroads, etc…). This route must be carefully selected, because we have a predefined amount of fuel and limited time to get to the place we chose.